Gold Price Faces Uphill Task Near $1,865
- Gold price is facing resistance near $1,865 and $1,870.
- A key bullish trend line is forming with support near $1,845 on the 4-hours chart.
- EUR/USD is consolidating below the 1.0780 resistance zone.
- GBP/USD found support near 1.2440 and corrected losses.
Gold Price Technical Analysis
Gold price started a downside correction from the $1,875 resistance zone against the US Dollar. The price traded below the $1,855 support zone.
The 4-hours chart of XAU/USD indicates that the price settled below the $1,855 level and the 200 simple moving average (green, 4-hours). It even moved below the $1,845 level and the 100 simple moving average (red, 4-hours).
However, it found support near the $1,835 zone. There is also a key bullish trend line forming with support near $1,845 on the same chart.
On the upside, the price might face resistance near $1,860 or the 200 simple moving average (green, 4-hours). The main resistance is now forming near the $1,865 and $1,875 levels.
A clear move above the $1,875 resistance might send the price towards the $1,900 resistance. The next major resistance sits near $1,920.
If there is no upside break move, the price could trim gains and test the $1,835 support. The next major support is near the $1,820 level, below which it could even test $1,800.
Looking at EUR/USD, the pair is still struggling below the 1.0780 and 1.0750 resistance levels. Similarly, GBP/USD is facing resistance near 1.2660.
Economic Releases to Watch Today
- Euro Zone Gross Domestic Product for Q1 2022 (QoQ) - Forecast 0.3%, versus 0.3% previous.
- Euro Zone Gross Domestic Product for Q1 2022 (YoY) - Forecast 5.1%, versus 5.1% previous.