Gold Price Forecast: Thin Monday rebound leaves XAU/USD into $1,920

Spot Gold took an early dip in Monday trading, testing into $1,908 before recovering alongside the rest of the market.
Investor sentiment has broadly returned to risk-on after last week's souring.
XAU/USD has flattened out heading into a hectic Tuesday trading session.

Joshua Gibson FXStreet

Spot Gold prices took an early tumble from the week's opening bids, sliding from Monday's $1,933, declining into $,1908 in early Monday trading before XAU/USD recovered investor sentiment alongside the broader market.

Last week saw investor risk appetite get snarled on the escalation of the Israel-Hamas conflict the weekend before last. Geopolitical concerns weighed on market sentiment all last week, but investors have appeared to shrug off the conflict and have eyes turned upwards.

Gold is set for a continuation of last week's gains. Friday saw an extended run for spot prices, with the XAU/USD gaining nearly 3.5% bottom-to-top.

XAU/USD Technical Outlook

Gold prices are getting hung up in the midrange on daily candlesticks, with the XAU/USD facing a rejection from the 200-day Simple Moving Average (SMA) near $1,930. The 50-day SMA is marking in a floor beneath prices, providing technical support from the $1,900 major handle, and price action is caught between the two moving averages.

XAU/USD's bullish reversal from early October's bottoms into $1,810 leaves spot Gold hung up in familiar territory, after Gold initially fell into the region after July's drop from the $1,980 neighborhood.

XAU/USD Daily Chart

XAU/USD Technical Levels

XAU/USD

Overview
Today last price	1920.62
Today Daily Change	-12.62
Today Daily Change %	-0.65
Today daily open	1933.24

Trends
Daily SMA20	1878.44
Daily SMA50	1901.39
Daily SMA100	1923.28
Daily SMA200	1929.19

Levels
Previous Daily High	1933.34
Previous Daily Low	1868.66
Previous Weekly High	1933.34
Previous Weekly Low	1832.62
Previous Monthly High	1953.01
Previous Monthly Low	1846.37
Daily Fibonacci 38.2%	1908.63
Daily Fibonacci 61.8%	1893.37
Daily Pivot Point S1	1890.15
Daily Pivot Point S2	1847.07
Daily Pivot Point S3	1825.47
Daily Pivot Point R1	1954.83
Daily Pivot Point R2	1976.43
Daily Pivot Point R3	2019.51

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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