Gold is fluctuating in a very tight range on Friday. XAU/USD could push higher if it manages to break above 200-SMA on H4 chart. Key support for gold is located at $1,817. The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849. Gold technical outlook On the four-hour chart, the Relative Strength Index (RSI) indicator is moving sideways a little below 50, confirming the pair’s indecisiveness in the near term. The initial resistance for gold aligns at $1,852, where the Fibonacci 23.6% retracement of the sharp decline seen from January 6 to 11 is located. Above that level, the 200-SMA is the next hurdle at $1,865. In the past seven trading days, XAU/USD failed to break above that level and if it manages to do so, it could target the next Fibo retracement level at $1,872. On the other hand, key support seems to have formed at $1,817 (January 11 low). A daily close below that level could trigger a technical selloff and cause XAU/USD to extend its slide toward $1,800 (psychological level). XAU/USD H4 chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ECB’s Stournaras: Many eurozone banks underestimate credit losses due to pandemic FX Street 2 years Gold is fluctuating in a very tight range on Friday. XAU/USD could push higher if it manages to break above 200-SMA on H4 chart. Key support for gold is located at $1,817. The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849. Gold technical outlook On the four-hour chart, the Relative Strength Index (RSI) indicator is moving sideways a little below 50, confirming the pair's indecisiveness in the near term. The initial… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
