Gold Price Analysis: XAU/USD bounces back above $1820, downside bias still intact

XAU/USD attempts a bounce after finding bids at $1816.
Bearish 21-HMA is the level to beat on the road to recovery.
RSI bounces off oversold conditions but remains bearish.

Dhwani Mehta FXStreet

Gold (XAU/USD) bears have taken a breather in early European trading, prompting a rebound towards the critical bearish 21-hourly moving average (HMA) at $1831.

Acceptance above the latter could accelerate the recovery towards the next resistance at the 50-HMA of $1836.

Powerful resistance around $1848 could likely keep the further recovery elusive. That level is the confluence of the 100 and 200-HMAs.

To the downside, a breach of the four-day-old falling trendline support at $1816 could trigger a steep drop towards the January 18 low of $1803.

Further down, the November 30 high of $1790 could come to the rescue of the XAU bulls.

The relative strength index (RSI) has bounced-off from the oversold territory but remains below the 50 level, keeping the sellers hopeful.

Gold Price Chart: Hourly

Gold Additional levels

XAU/USD

Overview
Today last price	1825.48
Today Daily Change	-7.52
Today Daily Change %	-0.41
Today daily open	1833

Trends
Daily SMA20	1850.78
Daily SMA50	1857.93
Daily SMA100	1874.71
Daily SMA200	1853.06

Levels
Previous Daily High	1845.02
Previous Daily Low	1829.68
Previous Weekly High	1875.7
Previous Weekly Low	1831.36
Previous Monthly High	1959.42
Previous Monthly Low	1802.8
Daily Fibonacci 38.2%	1835.54
Daily Fibonacci 61.8%	1839.16
Daily Pivot Point S1	1826.78
Daily Pivot Point S2	1820.56
Daily Pivot Point S3	1811.44
Daily Pivot Point R1	1842.12
Daily Pivot Point R2	1851.24
Daily Pivot Point R3	1857.46

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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