Gold Price Analysis: XAU/USD bull-bear tug-of-war extends around $1975

XAU/USD sidelined heading into the European session.
Downside limited by dollar weakness, coronavirus concerns.
Focus remains on the USD dynamics and US-China updates.

Dhwani Mehta FXStreet

Gold (XAU/USD) is ranging within a $10 range around $1975 so far this Tuesday’s trading, as the bulls and bears fight for control amid a lack of fresh catalysts.

Although, the bulls remain hopeful amid a broadly weaker US dollar, as the US 10-year inflation-adjusted Treasury yields continue to dive deeper into the negative territory. Meanwhile, renewed US-China spat, this time over the Tik-Tok issue, combined with persisting coronavirus concerns keep the haven bids for gold intact.

The upbeat sentiment on the global stocks, however, limits the upside attempts in the spot. The traders cheer the above-forecasts US ISM Manufacturing PMI data, although the employment part of the index still remains a concern, which has cautioned the bulls ahead of the US Non-Farm Payrolls report due this Friday.

The sideways movement in the yellow metals could be also associated with a Doji candle formed on the daily chart on Monday, which likely suggests a lack of clear directional bias. Markets now await the US Factory Orders data and fiscal stimulus talks for directives on the bright metal.

Gold Related content

Gold Technical levels

The immediate upside barrier is seen at $1980 above which the record highs of $1988.02 could be tested. To the downside, the daily low near $1971 could offer some cushion. The next support is aligned at $1960 (previous day low).

Gold Additional levels

XAU/USD

Overview
Today last price	1973.70
Today Daily Change	-4.61
Today Daily Change %	-0.23
Today daily open	1976.84

Trends
Daily SMA20	1867
Daily SMA50	1790.19
Daily SMA100	1728.77
Daily SMA200	1632.05

Levels
Previous Daily High	1988.02
Previous Daily Low	1960.67
Previous Weekly High	1984.8
Previous Weekly Low	1900
Previous Monthly High	1984.8
Previous Monthly Low	1757.7
Daily Fibonacci 38.2%	1977.57
Daily Fibonacci 61.8%	1971.12
Daily Pivot Point S1	1962.33
Daily Pivot Point S2	1947.83
Daily Pivot Point S3	1934.98
Daily Pivot Point R1	1989.68
Daily Pivot Point R2	2002.53
Daily Pivot Point R3	2017.03

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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