Gold Price Analysis: XAU/USD rallies back to $1900 mark, lacks follow-through

Gold reversed an intraday dip to 100-hour EMA, around the $1882-81 region.
Mixed oscillators on hourly/daily charts warrant some caution for bullish traders.
Any further move up might be seen as a selling opportunity amid stronger USD.

Haresh Menghani FXStreet

Gold attracted some dip-buying near 100-hour EMA and rallied back closer to the top end of its daily trading range during the early North American session. Bulls might now be looking to build on the momentum further beyond the key $1900 barrier.

The mentioned level marks a previous strong horizontal support breakpoint, which if cleared decisively might trigger some aggressive short-covering move. The XAU/USD might then accelerate the recovery momentum further towards the $1925 resistance zone.

Bullish technical indicators on hourly charts reinforce the constructive outlook. However, oscillators on the daily chart are yet to confirm the bullish bias and warrant some caution before positioning aggressively for any further appreciating move.

Hence, any subsequent move up might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly amid some renewed US dollar buying interest, which tends to undermine demand for the dollar-denominated commodity.

On the flip side, a sustained break below the $1882-80 region (100-hour EMA) will set the stage for an extension of the recent downward trajectory. Bearish traders might drag the commodity back towards challenging 100-day SMA support, around the $1849-48 region.

Gold 1-hourly chart

Technical levels to watch

XAU/USD

Overview
Today last price	1895.36
Today Daily Change	-2.77
Today Daily Change %	-0.15
Today daily open	1898.13

Trends
Daily SMA20	1922.48
Daily SMA50	1944.98
Daily SMA100	1849.21
Daily SMA200	1728.9

Levels
Previous Daily High	1899.12
Previous Daily Low	1875.62
Previous Weekly High	1955.66
Previous Weekly Low	1848.84
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1890.14
Daily Fibonacci 61.8%	1884.6
Daily Pivot Point S1	1882.79
Daily Pivot Point S2	1867.46
Daily Pivot Point S3	1859.29
Daily Pivot Point R1	1906.29
Daily Pivot Point R2	1914.46
Daily Pivot Point R3	1929.79

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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