• XAU/USD’s upside attempts remain capped by 200-DMA
  • Technical set up on the daily chart favors the bears.
  • Focus remains on US data, stimulus and vaccine news.

Gold (XAU/USD) fails to resist above the $1850 level once again, as sellers return in early European trading.

Despite the latest leg down, gold prices remain in a familiar range of around $1840-45 levels, awaiting fresh impetus from the US economic data.

The US dollar clings onto its recovery gains across its main rivals, as the risk-off action in the US stock futures weighs on the market mood amid ongoing Wall Street speculative trades and vaccine concerns.  

Gold Price Chart: Daily 

From a technical perspective, the XAU bears remain hopeful so long as the price makes a sustained move above the critical 200-daily moving average (DMA), now at $1851.

Gold bulls have failed to find acceptance above the latter over the past six trading sessions, leaving the downside risks intact in the metal.

Therefore, Thursday’s low of $1834 could be challenged en route the January 13 low at $1803. The Relative Strength Index (RSI) edges higher but remains the midline, backing the case for the sellers.

Alternatively, 50-DMA at $1857 could test the bulls’ commitment.

Gold Additional levels

XAU/USD

Overview
Today last price 1846.51
Today Daily Change 4.28
Today Daily Change % 0.23
Today daily open 1842.3
 
Trends
Daily SMA20 1867.79
Daily SMA50 1857.01
Daily SMA100 1879.11
Daily SMA200 1850.53
 
Levels
Previous Daily High 1864.17
Previous Daily Low 1834.07
Previous Weekly High 1875.2
Previous Weekly Low 1802.8
Previous Monthly High 1906.87
Previous Monthly Low 1775.52
Daily Fibonacci 38.2% 1852.67
Daily Fibonacci 61.8% 1845.57
Daily Pivot Point S1 1829.52
Daily Pivot Point S2 1816.75
Daily Pivot Point S3 1799.42
Daily Pivot Point R1 1859.62
Daily Pivot Point R2 1876.95
Daily Pivot Point R3 1889.72

 

 

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