- XAU/USD is fluctuating in a tight range on Tuesday.
- Near-term outlook could turn bearish with a break below $1,810.
- Key resistance seems to have formed around $1,835.
The XAU/USD pair closed the first day of the week in the negative territory and seems to have gone into a consolidation phase on Tuesday. As of writing, the pair was up 0.15% on the day at $1,821.
Gold technical outlook
On the four-hour chart, the Relative Strength Index (RSI) indicator is moving sideways around 50, confirming XAU/USD's indecisiveness in the near-term. Additionally, the pair is fluctuating between the Fibonacci 38.2% and 50% retracement levels of the six-day-long uptrend witnessed earlier in the month.
On the downside, the initial support aligns at $1,816 (Fibonacci 50% retracement) ahead of $1,810 (Feb. 12 low/Fibonacci %61.8 retracement). With a break below the latter, XAU/USD could target $1,800 (psychological level).
The initial resistance could be seen at $1,825 (Fibonacci 38.2% retracement). Above that level, the 100-SMA forms the next hurdle at $1,835, which is also reinforced by the Fibonacci 23.6% retracement.
Gold 4-hour chart
Additional levels to watch for
|Today last price||1821.05|
|Today Daily Change||3.15|
|Today Daily Change %||0.17|
|Today daily open||1817.9|
|Previous Daily High||1827.11|
|Previous Daily Low||1816.16|
|Previous Weekly High||1855.5|
|Previous Weekly Low||1807.86|
|Previous Monthly High||1959.42|
|Previous Monthly Low||1802.8|
|Daily Fibonacci 38.2%||1820.34|
|Daily Fibonacci 61.8%||1822.93|
|Daily Pivot Point S1||1813.67|
|Daily Pivot Point S2||1809.44|
|Daily Pivot Point S3||1802.72|
|Daily Pivot Point R1||1824.62|
|Daily Pivot Point R2||1831.34|
|Daily Pivot Point R3||1835.57|
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