- Gold has turned lower during the American session on Monday.
- A daily close below $ 1,850 could open the door to additional losses.
- The key resistance for the XAU / USD is near $ 1,870.
He XAU / USD it has started the new week calmly and has moved sideways within a relatively tight range during the Asian session. Although gold prices have gained traction and climbed to a daily high of $ 1,868 during the European session, it has subsequently reversed its direction and has fallen to $ 1,847. At the time of writing, the XAU / USD is posting small daily losses at $ 1,854.
Technical perspective of the XAU / USD
On the daily chart, the 200-day SMA is currently slightly below the $ 1,850 level and forms strong technical support in that region. The next short-term support could be seen at $ 1,845 (61.8% Fibonacci retracement of the December move). With a daily close below $ 1,845, additional losses could be seen towards $ 1,837 (Jan 22 low) with the breakout of the 200-day SMA triggering a technical sell.
On the upside, initial resistance is at $ 1,860 (50-day SMA) ahead of $ 1,870 (daily high / 50% Fibonacci retracement) and $ 1,882 (100-day SMA).
Daily chart gold
Gold technical levels
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