Gold Price Analysis: XAU/USD continues to push higher, next hurdle aligns at $1,805


  • XAU/USD pair is posting strong gains on Monday.
  • Next key hurdle for gold is located at $1,805. 
  • RSI on 4-hour chart reaffirms near-term bullish outlook.

After spending the first half of the day in a relatively tight range a little above $1,780, the XAU/USD pair gained traction and rose to a daily high of $1,802. As of writing, the pair was up 0.75% on the day at $1,797.

Gold technical outlook 

On the 4-hour chart, the Relative Strength Index (RSI) indicator is edging higher toward 60, suggesting that gold has more room on the upside before becoming technically overbought.

The initial resistance is located at $1,805, where the Fibonacci 61.8% retracement of last week's decline is located. The 50-SMA is also reinforcing this area ahead of $1,817 (100-SMA/static level) and $1,830 (February 12 high).

On the downside, $1,790 (Fibonacci 38.2% retracement) could be seen as the first support before $1,780 (Fibonacci 23.6% retracement) and $1,765 (static level).

Gold 4-hour chart

Additional levels to watch for

XAU/USD

Overview
Today last price 1797.56
Today Daily Change 15.52
Today Daily Change % 0.87
Today daily open 1782.04
 
Trends
Daily SMA20 1823.3
Daily SMA50 1853.19
Daily SMA100 1864.08
Daily SMA200 1859.14
 
Levels
Previous Daily High 1791.68
Previous Daily Low 1760.72
Previous Weekly High 1827.11
Previous Weekly Low 1760.72
Previous Monthly High 1959.42
Previous Monthly Low 1802.8
Daily Fibonacci 38.2% 1779.85
Daily Fibonacci 61.8% 1772.55
Daily Pivot Point S1 1764.61
Daily Pivot Point S2 1747.19
Daily Pivot Point S3 1733.65
Daily Pivot Point R1 1795.57
Daily Pivot Point R2 1809.11
Daily Pivot Point R3 1826.53

 

 

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