Gold Price Analysis: XAU/USD is stuck in $50 price range
- Gold is reporting marginal gains during Tuesday's Asian hours.
- The yellow metal is trapped in a $1,912-$1,962 range.
Gold’s immediate bias will remain neutral while prices are held within the $50 range defined by Monday’s high of $1,962 and Friday’s low of $1,912.
That’s because the yellow metal carved out a long-tailed hammer on Friday and an inverted hammer on Monday. In other words, Friday’s low is the level where buyers stepped in, while Monday’s high marks a price point where buyers failed to absorb selling pressure.
As such, $1,962 and $1,192 are key levels to watch out for this week. A break above $1,962 would signal a range breakout and open the doors to $2,000. On the other hand, a move below $1,912 would expose the low of $1,863 (Aug. 12 low).
At press time, gold is trading near $1,932 per ounce, representing a 0.15% gain on the day.
Daily chart
Trend: Neutral
Technical levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
