Gold Price Analysis: XAU/USD steadily climbs back to $1910 area amid softer USD

A softer tone surrounding the USD assisted gold to regain some positive traction on Tuesday.
Worries about the ever-increasing COVID-19 cases further benefitted the safe-haven metal.
The lack of any strong follow-through warrants some caution before placing fresh bullish bets.

Haresh Menghani FXStreet

Gold edged higher during the Asian session on Tuesday and was last seen hovering near the top end of its daily trading range, just below the $1910 region.

Having shown some resilience below the $1900 level, the precious metal managed to regain some positive traction and moved away from seven-day lows set in the previous session. The uncertain US political environment kept the US dollar bulls on the defensive, which was seen as a key factor lending some support to dollar-denominated commodities – including gold.

Adding to this, investors remain concerned over the potential economic impact from renewed lockdown measures to curb the ever-rising number of COVID-19 cases. Renewed coronavirus jitters, along with the lack of progress in the next round of the US stimulus measures, dented investors' appetite for riskier assets and provided an additional boost to the safe-haven metal.

Given the overnight bounce from the vicinity of 100-day SMA, the uptick could further be attributed to some technical buying, albeit lacked any strong bullish conviction. This makes it prudent to wait for some strong follow-through buying before confirming that the XAU/USD might have formed a strong base and positioning for any further near-term appreciating move.

Market participants now look forward to the US economic docket, highlighting the release of Durable Goods Orders. The data might influence the USD price dynamics and provide some impetus. Apart from this, the broader market risk sentiment will also be looked upon to grab some meaningful trading opportunities around the XAU/USD.

Technical levels to watch

XAU/USD

Overview
Today last price	1908.05
Today Daily Change	6.00
Today Daily Change %	0.32
Today daily open	1902.05

Trends
Daily SMA20	1902.86
Daily SMA50	1921.41
Daily SMA100	1883.41
Daily SMA200	1763.61

Levels
Previous Daily High	1908.66
Previous Daily Low	1891.32
Previous Weekly High	1931.54
Previous Weekly Low	1894.48
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1902.04
Daily Fibonacci 61.8%	1897.94
Daily Pivot Point S1	1892.69
Daily Pivot Point S2	1883.34
Daily Pivot Point S3	1875.35
Daily Pivot Point R1	1910.03
Daily Pivot Point R2	1918.02
Daily Pivot Point R3	1927.37

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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