Gold Price Analysis: Monday's spinning top suggests buyer exhaustion

Monday's spinning top candle is reflective of bull fatigue.
Bulls need to defend Monday's low of $1,657.

Omkar Godbole FXStreet Contributor

Gold printed a seven-year high of $1,703 on Monday but closed the day with a spinning top candle, signaling buyer indecision in the market.

A bearish reversal would be confirmed if prices close Tuesday under $1,657 (Monday's low), validating the spinning top candle and the bearish divergence of the 14-day relative strength index.

A bearish close would open the doors for a pullback to key average support near $1,640. A violation there would expose the psychological support at $1,600 (10-week average).

On the higher side, a close above the spinning top's high of $1,703 would indicate a continuation of the uptrend. At press time, the yellow metal is trading at $1,670 per Oz, representing a 0.4% drop on the day.

Daily chart

Trend: Bull exhaustion

Technical levels

XAU/USD

Overview
Today last price	1670
Today Daily Change	-11.35
Today Daily Change %	-0.68
Today daily open	1680.76

Trends
Daily SMA20	1619.22
Daily SMA50	1583.47
Daily SMA100	1531.3
Daily SMA200	1493.76

Levels
Previous Daily High	1703.4
Previous Daily Low	1657.57
Previous Weekly High	1692.34
Previous Weekly Low	1575.58
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1685.89
Daily Fibonacci 61.8%	1675.08
Daily Pivot Point S1	1657.75
Daily Pivot Point S2	1634.75
Daily Pivot Point S3	1611.92
Daily Pivot Point R1	1703.58
Daily Pivot Point R2	1726.41
Daily Pivot Point R3	1749.41

Author

Omkar Godbole

FXStreet Contributor

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

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.