Gold Price Analysis: XAU/USD’s bearish bias intact while below 200-DMA

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.

Dhwani Mehta FXStreet

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

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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