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.

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