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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.

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 price1842.65
Today Daily Change0.06
Today Daily Change %0.00
Today daily open1842.62
 
Trends
Daily SMA201840.87
Daily SMA501859.87
Daily SMA1001870.14
Daily SMA2001856.22
 
Levels
Previous Daily High1855.5
Previous Daily Low1834.14
Previous Weekly High1871.9
Previous Weekly Low1785.02
Previous Monthly High1959.42
Previous Monthly Low1802.8
Daily Fibonacci 38.2%1847.34
Daily Fibonacci 61.8%1842.3
Daily Pivot Point S11832.67
Daily Pivot Point S21822.73
Daily Pivot Point S31811.31
Daily Pivot Point R11854.03
Daily Pivot Point R21865.45
Daily Pivot Point R31875.39

Author

Dhwani Mehta

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.

More from Dhwani Mehta
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