Gold Price - XAU/USD Technical Forecast
- Bulls eye controlling the price action
- Signals and trading zones to keep in Focus
Edges Higher
Last week, Gold recovered majority of its losses and pushed to its highest levels in two weeks at $1,644. The price declined after, yet closed the candlestick closed on Friday in the green with 8.6% gain.
This week, the Relative Strength Index (RSI) remained flat above 50, reflecting paused uptrend move.
Gold DAILY PRICE CHART (Jan 15 – April 3, 2020) Zoomed out
![Gold daily chart price 03-04-20 Zoomed out](https://a.c-dn.net/b/3KhSwy/Gold-Price-Forecast-XAUUSD-Faces-Key-Resistance-Level-MK_body_Golddailychartprice03-04-20Zoomedout.png)
![](https://a.c-dn.net/b/0YPMDo/logo-stripe.png)
![Traits of Successful Traders](https://a.c-dn.net/b/3dOmbj/500x707Beginner-TraitsofSuccessfulTraders.png)
![Traits of Successful Traders](https://a.c-dn.net/b/3dOmbj/500x707Beginner-TraitsofSuccessfulTraders.png)
Gold DAILY PRICE CHART (Dec 30 – April 3, 2020) Zoomed In
![Gold daily chart price 03-04-20 Zoomed in](https://a.c-dn.net/b/3BXj0d/Gold-Price-Forecast-XAUUSD-Faces-Key-Resistance-Level-MK_body_Golddailychartprice03-04-20Zoomedin0.png)
Looking at the daily chart, we notice that on March 16 Gold printed its lowest level in over three and half months at $1,451. Later on, bears showed reluctance, this allowed the market to rally and to settle above $1,500 handle. Last week, XAU/USD climbed and remained in current trading zone $1,555- $1,635 as failed in multiple occasions to move to the higher zone.
Yesterday, Gold closed above the 50-day average providing a bullish signal. Thus, a close above the high end of the zone may encourage bulls to push the price towards $1,685. Further close above that level could mean more bullishness towards $1,796. In this scenario, the weekly resistance levels underscored on the chart (zoomed in) should be watched closely.
In turn, any close below the low end of the zone could press XAU/USD towards $1,527. Further close below that level could send the price even lower towards $1,431. That said, the daily and weekly support level and areas marked on the chart should be considered.
![](https://a.c-dn.net/b/0YPMDo/logo-stripe.png)
![Building Confidence in Trading](https://a.c-dn.net/b/1WmxzT/500x707Beginner-BuildingConfidenceinTrading.png)
![Building Confidence in Trading](https://a.c-dn.net/b/1WmxzT/500x707Beginner-BuildingConfidenceinTrading.png)
Gold Four-HOUR PRICE CHART (Mar 10 – April 3, 2020)
![gold four hour price chart 03-04-20](https://a.c-dn.net/b/4dQdYW/Gold-Price-Forecast-XAUUSD-Faces-Key-Resistance-Level-MK_body_goldfourhourpricechart03-04-20.png)
From the four-hour chart, we noticed that on March 23 Gold rallied above the neckline of double bottom pattern located at $1,554. On March 26, the precious metal rebounded from $1,644 then started a sideways move creating lower highs with higher lows.
A break below $1,592 could send XAU/USD towards $1,558. Although, the daily support level underlined on the chart should be kept in focus. On the flip-side, a break above $1,652 may resume bullish price action towards $1,672. Although, the resistance level at $1,666 should be monitored.
See the chart to find out more about key technical levels in a further bullish / bearish scenario.
![](https://a.c-dn.net/b/0YPMDo/logo-stripe.png)
![Gold Forecast](https://a.c-dn.net/b/1R2bOu/500x707Forecast-Gold.png)
![Gold Forecast](https://a.c-dn.net/b/1R2bOu/500x707Forecast-Gold.png)
Written By: Mahmoud Alkudsi
Please feel free to contact me on Twitter: @Malkudsi