Gold Price Analysis: Climbs to 1-month tops, inching closer to $1700 mark

Gold regained positive traction for the second consecutive session on Monday.
The set-up favours bullish traders and supports prospects for additional gains.

Haresh Menghani FXStreet

Gold reversed an early dip to the $1672 region and turned higher for the second straight session on Monday. The momentum lifted the commodity to one-month tops, or closer to the $1700 mark during the mid-European session.

A fresh wave of the global risk-aversion trade was seen as a key factor that underpinned the precious metal's safe-haven demand. This coupled with a modest USD weakness provided an additional boost to the dollar-denominated commodity.

Meanwhile, technical indicators on the daily chart maintained their bullish bias supporting prospects for a further appreciating move, albeit slightly overbought conditions on hourly charts warrant some caution for bullish traders.

Hence, any subsequent positive move is more likely to confront some fresh supply and remain capped near multi-year tops, around the $1703 region. That said, some follow-through buying will now be seen as a fresh trigger for bullish traders.

On the flip side, the $1680 region, closely followed by the $1674-72 area, now seems to protect the immediate downside. Failure to defend the mentioned support levels might negate the positive outlook and prompt some technical selling.

The commodity might then accelerate the slide further towards $1652-50 intermediate support before eventually dropping to test the $1640 horizontal level.

Gold 4-hourly chart

Technical levels to watch

XAU/USD

Overview
Today last price	1693.34
Today Daily Change	9.00
Today Daily Change %	0.53
Today daily open	1684.34

Trends
Daily SMA20	1587.32
Daily SMA50	1599.54
Daily SMA100	1556.37
Daily SMA200	1519.05

Levels
Previous Daily High	1690.42
Previous Daily Low	1643.82
Previous Weekly High	1690.42
Previous Weekly Low	1609.15
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1672.62
Daily Fibonacci 61.8%	1661.62
Daily Pivot Point S1	1655.3
Daily Pivot Point S2	1626.26
Daily Pivot Point S3	1608.7
Daily Pivot Point R1	1701.9
Daily Pivot Point R2	1719.46
Daily Pivot Point R3	1748.5

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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