Gold Price Analysis: XAU/USD steadies above $1,850, key levels remain intact

XAU/USD fluctuates in tight range for second straight day.
200-day SMA aligns as a key support near $1,850.
Buyers could show interest in XAU/USD above $1,870.

Eren Sengezer FXStreet

The XAU/USD pair closed the first day of the week virtually unchanged at $1,855 and seems to be having a difficult time making a decisive move in either direction on Tuesday. As of writing, the pair was posting small daily losses at $1,854.

XAU/USD technical outlook

The Relative Strength Index (RSI) indicator on the daily chart is staying below 50 for the second straight day on Tuesday, suggesting that the bullish momentum is struggling to build up. However, the 200-day SMA, currently located at $1,850 continues to act as a key support and sellers may want to wait to see a daily close below that level before dragging gold lower. Below $1,850, $1,845 (Fibonacci 61.8% retracement of the December rally) could be seen as the next support ahead of $1,837 (Jan. 22 low).

On the other hand, the 50-day SMA is the initial hurdle at $1,858 before $1,870 (daily high/Fibonacci 50% retracement). A convincing move beyond the latter resistance could help XAU/USD target $1,880 (100-day SMA).

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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