Gold Price Analysis: XAU/USD buyers flirt with $1,900, 100-day SMA guards immediate upside

Gold fails to extend Friday’s pullback moves, holds 50-day SMA breakout.
Bullish MACD, risk sentiment favor bulls, descending trend line from August 07 adds to the upside barriers.

Anil Panchal FXStreet

Gold remains bid during Monday’s Asian session, heading towards European trading with 0.78% intraday gains to $1,895 currently. In doing so, the yellow metal keeps the last week’s upside break of 50-day SMA while defying pullback moves portrayed on Friday.

Read: S&P 500 Futures wobble around 3,700 as US stimulus news combat Brexit, virus woes

Risk sentiment joins the yellow metal’s ability to stay beyond 50-day SMA to attack the 100-day SMA level of $1,904.55. However, any further upside will eye for a multi-day-old resistance line around $1,917.

Should gold buyers manage to cross $1,917 on a daily closing basis, November’s high near $1,965/66 will be in the spotlight.

Meanwhile, a downside break of 50-day SMA, at $1,870 now, will attack an upward sloping trend line from November 30, currently around $1,844.

If at all the commodity sellers dominate past-$1,844, the monthly low near $1,775 may return to the charts.

Gold daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1896.94
Today Daily Change	15.64
Today Daily Change %	0.83%
Today daily open	1881.3

Trends
Daily SMA20	1835.31
Daily SMA50	1871.17
Daily SMA100	1905.34
Daily SMA200	1814.82

Levels
Previous Daily High	1889.78
Previous Daily Low	1877.47
Previous Weekly High	1896.3
Previous Weekly Low	1819.08
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1882.17
Daily Fibonacci 61.8%	1885.08
Daily Pivot Point S1	1875.92
Daily Pivot Point S2	1870.54
Daily Pivot Point S3	1863.61
Daily Pivot Point R1	1888.23
Daily Pivot Point R2	1895.16
Daily Pivot Point R3	1900.54

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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