- XAU / USD posted strong gains on Monday.
- The next key hurdle for gold sits at $ 1,805.
- The RSI on the 4-hour chart reaffirms the short-term bullish outlook.
After spending the first half of the day in a relatively tight range, slightly above $ 1,780, the pair XAU / USD it gained traction and climbed to a daily high of $ 1,802. At time of writing, the pair was up 0.75% on the day at $ 1,797.
Gold technical outlook
On the 4-hour chart, the Relative Strength Index (RSI) indicator is climbing towards 60, suggesting that gold has more room to the upside before technically overbought.
Initial resistance is at $ 1,805, where the 61.8% Fibonacci retracement of last week’s decline is located. The 50 SMA is also strengthening before $ 1,817 (100 SMA / static level) and $ 1,830 (Feb 12 high).
On the downside, $ 1,790 (Fibonacci retracement 38.2%) could be seen as the first support before $ 1,780 (Fibonacci retracement 23.6%) and $ 1,765 (static level).
XAU / USD Gold Chart
Technical levels
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