Gold Price Analysis: XAU/USD consolidates recovery, holds around $1820
- XAU/USD gains for the second day in a row.
- Gold rises $50 in two days, remains at one-week highs.
Gold prices are modestly higher con Wednesday, consolidating the bounce from multi-month lows. XAU/USD peaked during the European session at $1831/oz, the highest level since November 23 and then pulled back finding support above $1810.
Over the last hours, gold has been moving sideways consolidating recent gains, trading around $1820. The close on Tuesday above $1800 added support to the recovery from the $1764 bottom of Monday, the weakest level since early July.
The move higher was limited probably by higher US yields. The 10-year yield stands at 0.95%, the highest in three weeks. The DXY trades flat around 91.20.
Next key level: $1850
The positive momentum in gold remains intact in the very short-term. Above $1820 more gains seems likely. The next critical level is the $1850 zone, the previous key support. If the metal climbs above, it would gains a relevant support to extend gains.
On the flip side, a decline back below $1800 would expose the recent low at the $1765 area.
Technical levels
XAU/USD
Overview
Today last price1823.92
Today Daily Change9.41
Today Daily Change %0.52
Today daily open1814.51
Trends
Daily SMA201859.5
Daily SMA501881.1
Daily SMA1001910.09
Daily SMA2001800.64
Levels
Previous Daily High1817.37
Previous Daily Low1775.52
Previous Weekly High1876.14
Previous Weekly Low1774.4
Previous Monthly High1965.58
Previous Monthly Low1764.6
Daily Fibonacci 38.2%1801.38
Daily Fibonacci 61.8%1791.51
Daily Pivot Point S11787.56
Daily Pivot Point S21760.62
Daily Pivot Point S31745.71
Daily Pivot Point R11829.41
Daily Pivot Point R21844.32
Daily Pivot Point R31871.26
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
