Gold Price Analysis: XAU/USD eyes $1800 as US dollar weakens

A decline of the US dollar and lower US yields boost metals.
XAU/USD approaches $1800/oz, at its highest since late February.

Matías Salord FXStreet

Gold gained more than $10 over the last hour and hit at $1797, the highest level since February 25. It then pulled back and it is hovering around $1790, up 0.65% for the day. Silver gains more than 2%.

A correction of the US dollar and lower US yields boosted metals sharply. Over the last minutes, yields rebounded, alleviating the bullish momentum of metals. The US 10-year yield bottomed at 1.55% and then rose to 1.58%. The US Dollar Index failed to holds onto the recent recovery and is back into negative territory, at 91.15.

Also, an improvement in market sentiment helped gold. After the opening bell in Wall Street, the main stock indexes turned positive. The Dow Jones is up by 0.55% and the Nasdaq 0.20%.

Gold is posting the fourth daily gain out of the last five trading days. Since Friday it rose more than $50 and now is looking at the $1800 area. The next strong barrier above is located at $1815.

The yellow metal continues with the bullish run after testing during the last week of March the YTD low around $1677. A correction in XAU/USD could find support initially at $1779, followed by $1762 and the 20-day moving average, today at $1740.

Technical levels

XAU/USD

Overview
Today last price	1795.46
Today Daily Change	16.64
Today Daily Change %	0.94
Today daily open	1778.82

Trends
Daily SMA20	1738.37
Daily SMA50	1750.35
Daily SMA100	1804.76
Daily SMA200	1857.39

Levels
Previous Daily High	1780.5
Previous Daily Low	1763.7
Previous Weekly High	1783.85
Previous Weekly Low	1723.8
Previous Monthly High	1759.98
Previous Monthly Low	1676.87
Daily Fibonacci 38.2%	1774.08
Daily Fibonacci 61.8%	1770.12
Daily Pivot Point S1	1768.18
Daily Pivot Point S2	1757.54
Daily Pivot Point S3	1751.38
Daily Pivot Point R1	1784.98
Daily Pivot Point R2	1791.14
Daily Pivot Point R3	1801.78

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.

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