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

 

 

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 skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 

EUR/USD News

GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 

GBP/USD News

XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Forex MAJORS

Cryptocurrencies

Signatures