Gold Price technical analysis

Gold price retreats from the 100-Hour Moving Average (HMA) as the RSI (14) line retreats from the overbought territory. Adding strength to the hopes of witnessing the XAU/USD pullback is the receding bullish power of the MACD signals.

With this, the Gold price is likely to drop further towards the 50% and 61.8% Fibonacci retracement levels of its May 30 to June 02 upside, respectively near $1,957 and $1,951.

However, a one-week-old horizontal support zone around $1,948 could challenge the Gold sellers afterward.

On the flip side, a clear break of the 100-HMA, around $1,963 at the latest, will allow the XAU/USD to prod the $1,973-75 resistance area comprising levels marked since May 31.