- 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
$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
|Today last price||1780.96|
|Today Daily Change||12.18|
|Today Daily Change %||0.69|
|Today daily open||1768.78|
|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|
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