Gold Price Analysis: XAU/USD retreats $10 from multi-year highs

Gold has pulled back to $1,867 from the session high of $1,877.
The hourly chart shows a bearish divergence of RSI.

Omkar Godbole FXStreet Contributor

Gold is currently trading at $1,867, having clocked a nine-year high of $1,877 an hour ago.

The hourly chart now shows a bearish divergence of the relative strength index (RSI). A similar pattern is observed in the 4-hour chart. Further, the 14-day RSI is reporting overbought conditions with an above-70 print.

As such, the pullback could be extended to the ascending 10-day simple moving average (SMA), currently at $1,841.

The overall bias would remain bullish as long as prices are holding above the higher low of $1,795 created on July 16.

Hourly chart

Trend: Overbought

Technical levels

XAU/USD

Overview
Today last price	1867.11
Today Daily Change	-5.01
Today Daily Change %	-0.27
Today daily open	1872.12

Trends
Daily SMA20	1798.17
Daily SMA50	1756.56
Daily SMA100	1703.64
Daily SMA200	1613.92

Levels
Previous Daily High	1872.16
Previous Daily Low	1840.66
Previous Weekly High	1815.1
Previous Weekly Low	1790.42
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1860.13
Daily Fibonacci 61.8%	1852.69
Daily Pivot Point S1	1851.13
Daily Pivot Point S2	1830.15
Daily Pivot Point S3	1819.63
Daily Pivot Point R1	1882.63
Daily Pivot Point R2	1893.15
Daily Pivot Point R3	1914.13

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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