Gold Price Analysis: The XAU/USD price is stalling at the current lofty levels for now

Gold has just dipped under flat for the session as stocks push higher on Monday.
The market has largely moved sideways for the session after breaking to 7-year highs recently.

Rajan Dhall, MSTA FX Daily

Gold 1-hour chart

Since gold broke out of the resistance to take the price to 7-year highs it has not really gathered momentum to push to the next resistance zone. This 1-hour chart below shows that at the beginning of the week the price has stalled at its current lofty levels.

There is a trendline underneath the price that has been tested a few times but if it breaks there could be a pullback to the next key support zone at USD 1760 per troy ounce. There has now been a lower high and the lower low wave is quite far off at the moment at USD 1747.59 per troy ounce.

The Relative Strength Index indicator has a trendline connecting the peaks of the waves. If the trendline breaks the market could continue in its uptrend and aim for the USD 1800 per troy ounce resistance zone. The MACD signal line is still above the mid-level, this means the price is still in an uptrend. The histogram has recently dipped into the red so a move back into the green could also be a confirmation the bull run is back on.

Additional levels

XAU/USD

Overview
Today last price	1771.45
Today Daily Change	0.11
Today Daily Change %	0.01
Today daily open	1771.34

Trends
Daily SMA20	1732.05
Daily SMA50	1722.11
Daily SMA100	1667.98
Daily SMA200	1586.78

Levels
Previous Daily High	1772.04
Previous Daily Low	1747.59
Previous Weekly High	1779.41
Previous Weekly Low	1742.97
Previous Monthly High	1765.38
Previous Monthly Low	1670.72
Daily Fibonacci 38.2%	1762.7
Daily Fibonacci 61.8%	1756.93
Daily Pivot Point S1	1755.27
Daily Pivot Point S2	1739.21
Daily Pivot Point S3	1730.82
Daily Pivot Point R1	1779.72
Daily Pivot Point R2	1788.11
Daily Pivot Point R3	1804.17

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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