Gold Price Analysis: XAU/USD to stay under pressure while below strong resistance at $1,845

FXStreet Team FXStreet

Gold failed to stage a convincing rebound last week. The yellow has been edging higher on expectations of both monetary and fiscal stimulus, recovering from the lows, but further XAU/USD decline toward $1,800 remains on the cards, FXStreet’s Eren Sengezer briefs.

Key quotes

“On Wednesday, the Eurostat will release the Consumer Price Index (CPI) data for the eurozone. If CPI figures trigger a selloff in the EUR/USD pair, strong demand for the buck could also weigh on XAU/USD.”

“The initial support aligns at $1,817 (January 11 low) ahead of $1,800 (psychological level). With a daily close below $1,800, the selloff could continue toward $1,775, the starting point of December uptrend.”

“The 200-day SMA seems to have turned into the first significant hurdle at $1,845. If gold manages to clear that level, the next resistance aligns at $1,860 (50-day SMA) before $1,900 (psychological level).”

Author

FXStreet Team

FXStreet

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