Gold Price Analysis: XAU/USD just dipped below $1800

Gold is trading just 0.10% higher after trading higher earlier on Monday.
The could be heading to the channel low on the chart below.

Rajan Dhall, MSTA FX Daily

Gold 4-hour chart

XAU/USD had been positive earlier in the session but there has been a turnaround in risk sentiment and stocks and gold has sold off during the late hours of the US session. The DXY has also recovered somewhat and is now trades at 96.51 after being as low as 96.27, 10-year treasury yields have also fallen and it seems like there is a flight to fixed income.

Looking at the chart below, there is a clear channel formation but it is very steep. The first support will be the USD 1800 per troy ounce level but beyond that, the channel low could be next up. Any break of the channel low could take the price to the next support near USD 1787.13 per ounce.

The MACD indicator is mixed as the signal lines are still above the midpoint but the histogram is in the red. The Relative Strength Index is just hanging at the 50 line and a dip below could be a bearish signal. The 50 line could be breached if the price breaks the consolidation low of USD 1794.58 per ounce.

Longer-term the price is in a very strong uptrend. This retracement could just be a small blip as the price makes its way toward USD 2000 per troy ounce or the all-time high at USD 1920.94 per ounce.

Additional levels

XAU/USD

Overview
Today last price	1802.7
Today Daily Change	3.50
Today Daily Change %	0.19
Today daily open	1799.2

Trends
Daily SMA20	1766.72
Daily SMA50	1737.9
Daily SMA100	1688.1
Daily SMA200	1600.95

Levels
Previous Daily High	1810.74
Previous Daily Low	1794.24
Previous Weekly High	1818.17
Previous Weekly Low	1770.16
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1800.54
Daily Fibonacci 61.8%	1804.44
Daily Pivot Point S1	1792.05
Daily Pivot Point S2	1784.89
Daily Pivot Point S3	1775.55
Daily Pivot Point R1	1808.55
Daily Pivot Point R2	1817.89
Daily Pivot Point R3	1825.05

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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