Gold Price Analysis: XAU/USD climbs above $1,880 as USD selloff intensifies

XAU/USD is posting modest daily gains on Wednesday.
Selling pressure surrounding USD remains intact in early American session.
XAU/USD could target $1,900 with a break above $1,886.

Eren Sengezer FXStreet

The XAU/USD pair gained traction in the last hour and rose above $1,880. In the absence of significant macroeconomic data releases and fundamental drivers, the USD's market valuation remains the primary driver of the pair's movements. As of writing, XAU/USD was up 0.2% on the day at $1,882 and the US Dollar Index was down 0.4% at 89.63.

XAU/USD technical outlook

On the one-hour chart, XAU/USD is currently trading above the key 100 and 200 SMAs, suggesting that the bullish momentum is picking up. Additionally, the Relative Strength Index (RSI) indicator on the same chart continues to float above 50.

On the upside, the initial hurdle aligns at $1,886, where the price met resistance twice earlier in the day. With a break above that level, $1,896 could be seen as the next resistance ahead of $1,900 (psychological level). On the other hand, the first support is located at $1,876 (100/200-hour SMAs) before $1,870.

Gold 1-hour chart

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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