Gold Price Analysis: The 200-day SMA forms strong resistance at $1,855

FXStreet Team FXStreet

Gold (XAU/USD) closed last week deep in the negative territory despite reclaiming $1,800 on Friday. According to FXStreet’s Eren Sengezer, gold's near-term outlook remains bearish.

Key quotes

“US President Biden’s administration kicked off negotiations with House Republicans on the aid bill and a positive outcome could help XAU/USD rebound as it would point out to an increase in the money supply.”

“$1,800 (psychological level) aligns as the initial support ahead of $1,785 (Feb. 4 low). With a daily close below the latter, the pair could extend its slide toward $1,765 (Nov. 30 low/starting point of December rally).”

“Resistances are located at $1,845 (Fibonacci 61.8% retracement of the latest uptrend/20-day SMA), $1,855 (200-day SMA) and $1,870 (Fibonacci 50% retracement).”

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FXStreet Team

FXStreet

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