Gold Price Analysis: XAU/USD breaks $1,800 threshold, nearby support lines in focus

  • Gold prices extend Monday’s pullback from $1,813.54 to challenge Friday’s low.
  • Monthly support line, a five-week-old rising trend line to question the bears.
  • Bulls will seek entries beyond the weekly resistance line.

Gold prints 0.24% daily losses while declining to $1,798.70, intraday low of $1,796.00, during Tuesday’s Asian session. The yellow metal refreshes the lowest prints since Friday while attacking multiple key support lines as it slips beneath the $1,800 psychological magnet.

Also read: Gold Price Analysis: XAU/USD wavers around $1,800 amid risk reset

Other than the immediate support lines around $1,795 and $1,788/87, stretched respectively from June 05 and June 15, a 200-bar SMA level of $1,750 also becomes the key for sellers to watch.

Additionally, $1,767 and June 11 top near $1,744 act as extra downside levels to follow during the bullion’s further weakness.

In a case where the precious metal respects the short-term trend lines, a descending resistance line from July 08, at $1,808.50 now, holds the key to further rise towards the monthly top, also the multi-year high, of $1,818.17.

Gold four-hour chart

Trend: Pullback expected

 

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