Gold Price Analysis: XAU/USD picks up bids above $1,772-73 support confluence
Gold buyers attack $1,780, up 0.09% intraday, during early Monday. In doing so, the yellow metal part ways from the previous two days’ downbeat performance.
Although bearish MACD and failures to regain $1,800 keep gold sellers hopeful, 50-SMA and an upward sloping support line from March 31, near $1,772-73 defends the bulls.
Hence, the latest run-up could again challenge the $1,798 horizontal resistance, ahead of meeting the $1,800 hurdle.
Gold Elliott Wave Analysis [Video]
Overview: The 1800 is a good target for Gold to take some profit, we can renter IF the 1800 becomes the tested support
Elliott Wave Gold: Can be counted in different ways, but the 1800 is the line in the sand, so support on 1800 flips the market to the upside.