Gold Price Analysis: XAU/USD consolidates rebound above $1800 as US dollar remains under pressure


  • Gold is having the best day in weeks, holds onto gains around $1810.
  • Higher US Yields limits the rally in XAU/USD.

Gold is holding onto important daily gains as it hovers around $1810, up by more than $30 from Monday’s close. It is having the best day in weeks.

The price of the metal jumped during the European session and peaked at $1814 before retreating to $1804. The rebound was driven by a correction, some profit-taking and a weaker US Dollar.

The positive momentum in gold eased despite the sharp decline of the US dollar and risk appetite on the back of higher US yields. The 10-year jumped to 0.925%, the highest level since mid-November.

The DXY dropped below 91.40 during the Americana session, to the lowest level since 2018. The recovery of the US dollar was short-lived and the US dollar resumed the downside during the American session but gold did not rally further, holding onto recent gains.

From a technical perspective, the rebound in XAU/USD back above $1800 alleviated the bearish pressure. The next resistance is seen at $1818/20 followed by the $1850 area. A slide back under $1800 would point to more pressure to the downside exposing the recent low at $1764.

Technical levels

XAU/USD

Overview
Today last price 1810.5
Today Daily Change 33.93
Today Daily Change % 1.91
Today daily open 1776.57
 
Trends
Daily SMA20 1864.09
Daily SMA50 1882.81
Daily SMA100 1910.03
Daily SMA200 1799.86
 
Levels
Previous Daily High 1790
Previous Daily Low 1764.6
Previous Weekly High 1876.14
Previous Weekly Low 1774.4
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1774.3
Daily Fibonacci 61.8% 1780.3
Daily Pivot Point S1 1764.11
Daily Pivot Point S2 1751.66
Daily Pivot Point S3 1738.71
Daily Pivot Point R1 1789.51
Daily Pivot Point R2 1802.46
Daily Pivot Point R3 1814.91

 

 

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