Gold Price Analysis: XAU/USD refreshes two-week top as buyers eye 100-day SMA

Gold takes the bids near multi-day top, rises for fourth consecutive day.
Sustained break of 50-day SMA, risk-on mood favor bulls, sellers have multiple barriers to entry.

Anil Panchal FXStreet

Gold prices rise to the fresh high since January 08 while taking the bids near $1,875, currently up 0.17% near $1,873.50, while heading into Thursday’s European open. The yellow metal buyers cheer successful upside break of 50-day SMA to refresh the multi-day high.

Additionally, the market’s risk-on mood due to US President Joe Biden’s formal ruling for one day and the receding strength of the MACD’s bearish signals also back the upside momentum.

Against this backdrop, the bullion currently rises towards 100-day SMA, at $1,883.80 now, a break of which will eye for the $1,900 round-figure and December top near $1,906.

Meanwhile, any pullback moves need to drop beneath the 50-day SMA level of $1,860 to recall even a short-term gold seller.

Also challenging the quote’s downside are two-month-old horizontal support, $1,818/17, the monthly low of $1,802.80 and November’s bottom close to $1,764.

To sum up, gold’s recent upside break of the key SMAs join broad market optimism to recall the buyers.

Gold daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1873.83
Today Daily Change	3.94
Today Daily Change %	0.21%
Today daily open	1869.89

Trends
Daily SMA20	1877.37
Daily SMA50	1860.13
Daily SMA100	1884.15
Daily SMA200	1846.09

Levels
Previous Daily High	1871.02
Previous Daily Low	1832.48
Previous Weekly High	1863.83
Previous Weekly Low	1816.96
Previous Monthly High	1906.87
Previous Monthly Low	1775.52
Daily Fibonacci 38.2%	1856.3
Daily Fibonacci 61.8%	1847.2
Daily Pivot Point S1	1844.57
Daily Pivot Point S2	1819.26
Daily Pivot Point S3	1806.03
Daily Pivot Point R1	1883.11
Daily Pivot Point R2	1896.34
Daily Pivot Point R3	1921.65

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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