Gold Price Forecast: XAU/USD rebounds from the 20-day SMA to $2,010


  • Gold rises after a sharp correction on a quiet day.
  • XAU/USD found support above the 20-day SMA.
  • US Dollar falls across the board ending a two-day rally.

Gold price rose $2,011/oz after the beginning of the American session, reaching a fresh daily high. The yellow metal remains near the high, supported by a weaker US Dollar.

Dollar down, ends 2-day rally

The US Dollar Index is falling by 0.30%, back under 102.00 while US Treasury yields are little changed. Economic data from the US came in mixed. Housing Starts declined to 1.42 million in March, above the 1.4 million markets consensus, but Building Permits fell to 1.41 million against the consensus of 1.5 million.

On a quiet session, recently, XAU/USD spiked down to $1,991 and then rebounded to the $2,010 area where it is trading. It is moving with a bullish intraday bias, still within Monday’s price range.

Federal Reserve expectations are little change. Markets participants continue to see a rate hike in May as the most likely scenario and one rate cut before year-end as possible. The rally in Gold lost momentum during the last days as investors pared bets for deep rate cuts.

In the daily chart, Gold found support above the 20-period Simple Moving Average (SMA). The trend is still up. Above $2,025, more gains seem likely, and while below, a consolidation between that area and the 20-SMA could take place.

A daily close below $1,990 should keep the door open to an extension of the retreat with key support levels seen at $1,975 and $1,955.

Gold daily chart

XAU/USD

Overview
Today last price 2008.31
Today Daily Change 13.15
Today Daily Change % 0.66
Today daily open 1995.16
 
Trends
Daily SMA20 1989.4
Daily SMA50 1909.64
Daily SMA100 1877.84
Daily SMA200 1794.96
 
Levels
Previous Daily High 2015.13
Previous Daily Low 1981.23
Previous Weekly High 2048.75
Previous Weekly Low 1986.28
Previous Monthly High 2009.88
Previous Monthly Low 1809.46
Daily Fibonacci 38.2% 1994.18
Daily Fibonacci 61.8% 2002.18
Daily Pivot Point S1 1979.22
Daily Pivot Point S2 1963.27
Daily Pivot Point S3 1945.32
Daily Pivot Point R1 2013.12
Daily Pivot Point R2 2031.07
Daily Pivot Point R3 2047.02

 

 

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