- 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
|Today last price||1846.51|
|Today Daily Change||4.28|
|Today Daily Change %||0.23|
|Today daily open||1842.3|
|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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