Gold Price Analysis: XAU/USD advances to fresh session highs above $1,707

XAU/USD found support below the $1,700 handle on Tuesday.
Gold continues to trade above the 20-day SMA.
Initial resistance aligns at $1,720 ahead of multi-year highs.

Eren Sengezer FXStreet

The troy ounce of the precious metal dropped to a daily low of $1,690 in the early trading hours of the European session but didn't have a difficult time recovering its losses. After moving sideways near the $1,700 mark for the majority of the day, the XAU/USD pair gained traction during the American session and was last seen trading at $1,707.75, adding 0.35% on a daily basis.

XAU/USD technical outlook

The Relative Strength Index (RSI) indicator on the daily chart is inching higher above the 50 mark on Tuesday, suggesting that the bullish momentum in the near-term is picking up. Additionally, XAU/USD remains on track to close the day above the 20-day SMA to confirm the bullish outlook. $1,720 (Apr. 30 high) aligns as the first hurdle before the pair's rally could extend toward $1,750 to test the multi-year highs it set on April 14th.

On the downside, supports could be seen at $1,700 (psychological level, 20-day SMA), $1,680 (Fibonacci 23.6% retracement of Mar. 20 - April 14 rally) and $1,660 (Apr. 21 low).

XAU/USD daily chart

Additional technical levels

XAU/USD

Overview
Today last price	1707.94
Today Daily Change	5.26
Today Daily Change %	0.31
Today daily open	1702.68

Trends
Daily SMA20	1698.76
Daily SMA50	1639.48
Daily SMA100	1595.21
Daily SMA200	1542.48

Levels
Previous Daily High	1713.62
Previous Daily Low	1692.3
Previous Weekly High	1728.71
Previous Weekly Low	1670.72
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1705.48
Daily Fibonacci 61.8%	1700.44
Daily Pivot Point S1	1692.11
Daily Pivot Point S2	1681.55
Daily Pivot Point S3	1670.79
Daily Pivot Point R1	1713.43
Daily Pivot Point R2	1724.19
Daily Pivot Point R3	1734.75

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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