Gold Price Analysis: XAU/USD finds resistance near $1,710

XAU/USD continues to fluctuate in a tight range on Tuesday.
RSI indicator on the daily chart stays flat near 50.

Eren Sengezer FXStreet

For the second straight day on Tuesday, the XAU/USD pair is having a difficult time setting a near-term direction. After dropping to a daily low of $1,693 during the Asian session, the troy ounce of the precious metal rose steadily but failed to hold above $1,710. As of writing, XAU/USD was up 0.33% on the day at $1,703.

XAU/USD technical outlook

On the daily chart, the RSI indicator stays flat near 50, confirming the pair's indecisiveness. Meanwhile, the pair remains on track to close below the 20-day SMA for the third straight in a row, suggesting that buyers are struggling to take control of the price action.

$1,710 (20-day SMA) area aligns as the first short-term resistance ahead of the next hurdle at $1,720. If XAU/USD successfully clears those resistances, it could aim for $1,750 (multi-year highs) but this seems unlikely without a fundamental catalyst.

On the downside, a strong support seems to have formed at $1,680 (Fibonacci 23.6% retracement of Mar. 20 - April 14 rally). Only a daily close below that level could cause the bearish pressure to build up and drag XAU/USD toward $1,660 (Apr. 21 low) and $1,647 (50-day SMA).

XAU/USD daily chart

Additional technical levels

XAU/USD

Overview
Today last price	1702.62
Today Daily Change	5.06
Today Daily Change %	0.30
Today daily open	1697.56

Trends
Daily SMA20	1706.57
Daily SMA50	1646.79
Daily SMA100	1606.42
Daily SMA200	1549.23

Levels
Previous Daily High	1712.32
Previous Daily Low	1690.05
Previous Weekly High	1723.7
Previous Weekly Low	1682.3
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1698.56
Daily Fibonacci 61.8%	1703.81
Daily Pivot Point S1	1687.63
Daily Pivot Point S2	1677.71
Daily Pivot Point S3	1665.36
Daily Pivot Point R1	1709.9
Daily Pivot Point R2	1722.25
Daily Pivot Point R3	1732.17

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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