Gold Price Analysis: XAU/USD stages a quick comeback, still below $1850

XAU/USD confirms symmetrical triangle breakout on the 4H chart.
Acceptance above 100-SMA is critical to unleashing further upside.
200-SMA at $1863 is the next upside target amid bullish RSI.

Dhwani Mehta FXStreet

Gold (XAU/USD) has staged a quick comeback after meeting buyers once again around the $1833 region.

The level is the powerful confluence of the horizontal trendline support and the 200-hourly moving average (HMA).

Therefore, the bulls remain hopeful so long as that level is defended. In case of a failure to do so, the next relevant support is seen at the bullish 100-HMA of $1829.

A sharp sell-off cannot be ruled towards $1800 if the selling pressure intensifies.

While to the upside, the XAU bulls have recaptured the critical hurdle at $1841, which is the convergence of the horizontal 21 and 50-HMAs.

The buyers now aim for the $1850 psychological level once again, above which the multi-day tops of $1856 could be put to test.

The Relative Strength Index (RSI) has turned flat but sustains above the midline, allowing room for additional recovery.

Gold Price Chart: Hourly chart

Gold Additional levels

XAU/USD

Overview
Today last price	1842.65
Today Daily Change	0.06
Today Daily Change %	0.00
Today daily open	1842.62

Trends
Daily SMA20	1840.87
Daily SMA50	1859.87
Daily SMA100	1870.14
Daily SMA200	1856.22

Levels
Previous Daily High	1855.5
Previous Daily Low	1834.14
Previous Weekly High	1871.9
Previous Weekly Low	1785.02
Previous Monthly High	1959.42
Previous Monthly Low	1802.8
Daily Fibonacci 38.2%	1847.34
Daily Fibonacci 61.8%	1842.3
Daily Pivot Point S1	1832.67
Daily Pivot Point S2	1822.73
Daily Pivot Point S3	1811.31
Daily Pivot Point R1	1854.03
Daily Pivot Point R2	1865.45
Daily Pivot Point R3	1875.39

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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