Gold Price Analysis: XAU/USD closes in on key Fibo resistance above $1,780


  • Gold pushes higher after closing in the negative territory last week.
  • A break above $1,783 could open the door for additional gains.
  • Initial support for XAU/USD is located at $1,775.

The XAU/USD pair suffered heavy losses on surging US Treasury bond yields last Thursday and closed the week in the negative territory. With the greenback struggling to find demand on Monday, the pair turned north and was last seen gaining 0.45% on a daily basis at $1,780.

Later in the session, the IHS Markit and the ISM will be both publishing the US Manufacturing PMI reports for April. Additionally, FOMC Chairman Jerome Powell will be delivering a speech at 1820 GMT.

Gold technical outlook

On the four-hour chart, the Relative Strength Index (RSI) indicator is rising toward 60, suggesting that XAU/USD has more room on the upside before becoming technically oversold. 

$1,783 (Fibonacci 23.6% retracement of the latest uptrend) aligs as the initial hurdle ahead of $1,790 (static resistance and $1,800 (psychological level). Supports, on the other hand, are located at $1,775 (Fibonacci 38.2% retracement/20-period SMA), $1,767 (100-period SMA/Fibonacci 50% retracement) and $1,760 (Fibonacci 61.8% retracement).

Additional levels to watch for

XAU/USD

Overview
Today last price 1780.96
Today Daily Change 12.18
Today Daily Change % 0.69
Today daily open 1768.78
 
Trends
Daily SMA20 1762.34
Daily SMA50 1745.28
Daily SMA100 1799.81
Daily SMA200 1855.34
 
Levels
Previous Daily High 1773.72
Previous Daily Low 1764.3
Previous Weekly High 1790.03
Previous Weekly Low 1756.18
Previous Monthly High 1797.93
Previous Monthly Low 1705.84
Daily Fibonacci 38.2% 1767.9
Daily Fibonacci 61.8% 1770.12
Daily Pivot Point S1 1764.15
Daily Pivot Point S2 1759.51
Daily Pivot Point S3 1754.73
Daily Pivot Point R1 1773.57
Daily Pivot Point R2 1778.35
Daily Pivot Point R3 1782.99

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD rises toward after US retail sales miss estimates

EUR/USD is holding onto its gains above 1.21 after the US reported no change in April's retail sales, below 1% expected. The Control Group plunged by 1.5%. The dollar is falling across the pond. US Consumer Sentiment missed with 82.8, yet inflation expectations surged to 4.6%.

EUR/USD News

GBP/USD trades below 1.41 after US consumption data

GBP/USD is trading above 1.4050, benefitting from the better market mood. Sterling is shrugging off worries about the spread of new virus variants, which may delay the reopening. US retail sales missed estimates, causing jitters. 

GBP/USD News

XAU/USD rallies back closer to multi-month tops, around $1,840 region

Gold could be on the verge of a lower low, but the hourly time frame is key. The hourly support structure is guarding a break to test bullish commitments at 1,800. The 10-day EMA and confluence of the 50% mean reversion are also offering support. 

Gold News

Dogecoin bulls hold the key for 40% gains

Dogecoin price is at a pivotal point, resulting in a 40% upswing or 30% sell-off. A swift surge beyond $0.522 and a retest of this level confirms a bullish outlook. If DOGE slices through the $0.351, it will put an end to the optimistic narrative.

Read more

AMC Entertainment Holdings surges on triangle breakout, targets $14.54 and $20

AMC has done it again and in the process is stealing the GameStop crown. Supposedly a movie about the whole GameStop saga is in the works, but if AMC has its way it will be stealing the show. Coming to an AMC theatre near you: "AMC to the moon". AMC closed Thursday at $12.77 for a nice gain of 23.7%, thank you very much.

Read more

Forex MAJORS

Cryptocurrencies

Signatures