Gold Price Analysis: XAU/USD could stretch lower with a break below $1,816


  • 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

XAU/USD

Overview
Today last price 1821.05
Today Daily Change 3.15
Today Daily Change % 0.17
Today daily open 1817.9
 
Trends
Daily SMA20 1838.65
Daily SMA50 1858.33
Daily SMA100 1868.69
Daily SMA200 1857.97
 
Levels
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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