Gold Price Forecast: Bulls recovered the 20 and 200-day SMA jumping to $1,923

XAU/USD tallied 0.60% daily gains and jumped to a daily high of $1,930, then settled at $1,923.
Bulls quickly recovered the 20 and 200-day SMAs at the $1,920 area after losing them at the beginning of the week.
Indicators point to a bullish resurgence.

Patricio Martín FXStreet

At the end of the week, the Gold Spot price will close a weekly gain, recovering losses, which took the price to a weekly low of $1,900 and closing above $1,920.

Based on the daily chart, the XAU/USD exhibits a bullish outlook for the short term. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show signs of the buyers recovering and stan in positive territory, with the RSI jumping back above its midline and showing a northward slope. The MACD is also displaying green bars, indicating a strengthening bullish momentum. Additionally, on the four-hour chart, the price jumped above the 20,100 and 200 Simple Moving Averages (SMA) and their indicators also gained significant momentum.

However, on the larger time frame, the spot is well below the 100-day SMA, which suggests that the buyers still have some work to do to confirm a recovery.

Support levels: $1,923 - $1,920 (200 and 20-day SMA), $1,910, $1,900.

Resistance levels: $1,930,$1,940, $1,950 (100-day SMA).

XAU/USD Daily Chart

XAU/USD

Overview
Today last price	1923.6
Today Daily Change	12.81
Today Daily Change %	0.67
Today daily open	1910.79

Trends
Daily SMA20	1919.22
Daily SMA50	1931.85
Daily SMA100	1947.57
Daily SMA200	1921.54

Levels
Previous Daily High	1912.95
Previous Daily Low	1901.07
Previous Weekly High	1946.35
Previous Weekly Low	1915.33
Previous Monthly High	1966.08
Previous Monthly Low	1884.85
Daily Fibonacci 38.2%	1908.41
Daily Fibonacci 61.8%	1905.61
Daily Pivot Point S1	1903.59
Daily Pivot Point S2	1896.39
Daily Pivot Point S3	1891.71
Daily Pivot Point R1	1915.47
Daily Pivot Point R2	1920.15
Daily Pivot Point R3	1927.35

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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