Gold Price Forecast: XAU/USD rises modestly on Monday, holds above $1705

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  • Gold advances on a low-volume day due to the US holiday.
  • DXY hit a two-decade high.

The Prayed it found support above $1,705 in both the Asian and European sessions and recently rose to $1,715, marking a daily high. The intraday bias is slightly bullish, in a general context of limited price movements in the financial markets.

Following the US jobs report released on Friday, gold extended the recovery from its lowest in months. The rally stopped at $1720, from where it reversed. Volatility remains low on Monday as a result of the US holiday. The Treasury bond market is closed and Wall Street futures are trading mixed.

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The dollar started the week marking the highest in decades, measured by the DXY. The advance was modest and cut gains in the last hours, which favored the tepid rise in gold. If it sustains above $1,715, the metal could go looking for $1,720 where the next resistance is, then at $1,733 a downtrend line appears, the break of which would enable further upside.

In the opposite direction, the $1705 area has become the key very short-term support. Below $1698 the bearish tone could increase exposing last week’s low at $1688.

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In a more general look, the dominant trend remains bearish for gold. Dramatic support is seen in the area of ​​the 2021 and 2022 lows near $1675.

Technical levels

XAU/USD

Panorama
Last Price Today 1713.76
Today’s Daily Change 1.28
Today’s Daily Change % 0.07
Today’s Daily Opening 1712.48
Trends
20 Daily SMA 1755.27
50 Daily SMA 1754.28
100 Daily SMA 1807.79
200 Daily SMA 1835.21
levels
Previous Daily High 1718.02
Previous Daily Minimum 1695.1
Previous Maximum Weekly 1745.58
Previous Weekly Minimum 1688.92
Monthly Prior Maximum 1807.93
Previous Monthly Minimum 1709.68
Daily Fibonacci 38.2% 1709.26
Daily Fibonacci 61.8% 1703.86
Daily Pivot Point S1 1699.05
Daily Pivot Point S2 1685.61
Daily Pivot Point S3 1676.13
Daily Pivot Point R1 1721.97
Daily Pivot Point R2 1731.45
Daily Pivot Point R3 1744.89

Source: Fx Street

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