Gold Price Analysis: XAU/USD's daily chart shows indecision

Gold''s immediate bias is neutral with prices trading within Monday's range.
Monday's high is the level to beat for the bulls.

Omkar Godbole FXStreet Contributor

Gold created a long-legged Doji candle on Monday, implying indecision in the market.

The metal is currently trading near $1,890 per ounce. The immediate bias would remain neutral as long as prices are held within Monday's trading range of $1,864-$1,899.

A close above $1,899 would mean the period of indecision has ended with a bull victory. It would validate the dip demand near $1,864 observed on Monday and open the doors to $1,933 (Oct. 12 high resistance). Alternatively, acceptance under $1,864 would expose the Nov. 9 low of $1,850.

With risk assets cheering multiple positive news on the coronavirus vaccine front, the odds appear stacked in favor of a break below $1,864.

Daily chart

Trend: Neutral

Technical levels

XAU/USD

Overview
Today last price	1890
Today Daily Change	3.43
Today Daily Change %	0.18
Today daily open	1887.58

Trends
Daily SMA20	1896.58
Daily SMA50	1905.33
Daily SMA100	1905.86
Daily SMA200	1787.93

Levels
Previous Daily High	1899.14
Previous Daily Low	1864.64
Previous Weekly High	1965.58
Previous Weekly Low	1850.56
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1877.82
Daily Fibonacci 61.8%	1885.96
Daily Pivot Point S1	1868.43
Daily Pivot Point S2	1849.29
Daily Pivot Point S3	1833.93
Daily Pivot Point R1	1902.93
Daily Pivot Point R2	1918.29
Daily Pivot Point R3	1937.43

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

Japanese Yen gains ground as traders await Fed rate decision

The USD/JPY pair loses ground to near 160.25 during the early European trading hours. Traders prefer to wait on the sidelines ahead of the US Federal Reserve interest rate decision under new Chair Kevin Warsh later on Wednesday.

AUD/USD puts 0.7000 to the test on solid Dollar

In line with the rest of its risk-linked peers, AUD/USD retreats markedly and challenges the key 0.7000 support ahead of the opening bell in Asia. The robust performance of the Greenback hurt the sentiment around the Aussie Dollar, dragging spot lower following the FOMC event.

Gold extends intraday slide towards $4,250

Gold turned negative by the end of Wednesday and trades in the $4,260 price zone. The US Federal Reserve left rates unchanged, but delivered a hawkish message, even though Chair Kevin Warsh refused to provide forward guidance.

Two altcoins to watch as DeFi market cap nears $70B

Decentralized Finance (DeFi) tokens exhibit mixed signals on Wednesday, with Uniswap (UNI) slightly pulling back from an early-week rally to highs around $3.73, while Aster (ASTER) extends its recovery near $0.80. Bitcoin (BTC) holds above $65,000 following a rejection at June highs around $67,000.

The next big AI trade may not be about chips or software

Artificial intelligence has already created some of the biggest winners in modern market history. Chipmakers have surged, data centre construction is booming, and electricity demand forecasts are changing globally.

Why a hawkish RBA is no longer enough to lift the Australian Dollar

The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.