Gold prices keep bounce off the fresh low since December 01, marked earlier in Asia, while picking up the bids around $1,837, up 0.74% intraday, during the pre-European session trading on Monday. The yellow metal initially had to respect the US dollar’s run-up before bouncing off the key support.
Gold: Key levels to watch
Gold battles $1,836/37 resistance area comprising 38.2% Fibonacci retracement of one day move (1D) and SMA 10 on the four-hour move.
In doing so, gold buyers eye SMA 200, 61.8% Fibonacci retracement SMA 5 on one day chart, currently around $1,845. However, bulls will remain cautious unless breaking the previous high on the 1D and upper band of the Bollinger near $1,858.
Meanwhile, previous high on hourly chart (1H), SMA 50 on 15-minute (15M) and middle Bollinger on the 15M can offer immediate support around $1,826.