Gold Price Analysis: XAU/USD remains confined in a range above 200-hour SMA

A combination of diverging forces failed to provide any meaningful impetus to gold on Tuesday.
Acceptance above 200-hour SMA/23.6% Fibo. confluence supports prospects for additional gains.
Mixed oscillators warrant some caution before positioning for any further appreciating move.

Haresh Menghani FXStreet

Gold seesawed between tepid gains/minor losses through the mid-European session and was last seen trading in the neutral territory, around the $1810 region.

A goodish US dollar rebound from six-week lows was seen as a key factor that capped gains for the dollar-denominated commodity. However, a turnaround in the risk sentiment extended some support to the safe-haven XAU/USD and helped limit the downside.

From a technical perspective, the commodity has found acceptance above the $1805-07 confluence region. This comprises of 200-hour SMA and the 23.6% Fibonacci level of the $1959-$1760 downfall, which should act as a key pivotal point for intraday traders.

Meanwhile, technical indicators on hourly charts are holding in the positive territory but are yet to confirm a bullish bias on the daily chart. This, in turn, warrants some caution for aggressive bullish traders and positioning for any further positive move.

Hence, any subsequent strength is likely to confront resistance near the $1823-25 horizontal zone. This is followed by the 38.2% Fibo. level, around the $1835 region, which if cleared will set the stage for an extension of the recent bounce from multi-month lows.

On the flip side, weakness below the $1805-07 confluence region, leading to a breakthrough the $1800 mark will negate any near-term positive bias. The XAU/USD might then turn vulnerable to accelerate the slide towards the $1775-72 intermediate support.

The downward trajectory could further get extended and drag the commodity back towards the $1760 region, or seven-month lows touched last Friday.

XAU/USD 1-hourly chart

Technical levels to watch

XAU/USD

Overview
Today last price	1810.08
Today Daily Change	1.80
Today Daily Change %	0.10
Today daily open	1808.28

Trends
Daily SMA20	1820.92
Daily SMA50	1852.79
Daily SMA100	1863.03
Daily SMA200	1859.52

Levels
Previous Daily High	1812.7
Previous Daily Low	1780.75
Previous Weekly High	1827.11
Previous Weekly Low	1760.72
Previous Monthly High	1959.42
Previous Monthly Low	1802.8
Daily Fibonacci 38.2%	1800.5
Daily Fibonacci 61.8%	1792.95
Daily Pivot Point S1	1788.45
Daily Pivot Point S2	1768.63
Daily Pivot Point S3	1756.5
Daily Pivot Point R1	1820.4
Daily Pivot Point R2	1832.53
Daily Pivot Point R3	1852.35

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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