Gold turned south during the American trading hours on Monday. A daily close below $1,850 could open the door for additional losses. Key resistance for XAU/USD is located near $1,870. The XAU/USD pair started the new week in a quiet manner and moved sideways in a relatively tight range in the Asian trading hours. Although the pair gained traction and rose to a daily high of $1,868 during the European session, it reversed its course and dropped all the way to $1,847. As of writing, XAU/USD was posting small daily losses at $1,854. XAU/USD technical outlook On the daily chart, the 200-day SMA is currently located a little below $1,850 and forms strong technical support in that area. The next short-term support could be seen at $1,845 (Fibonacci 61.8% retracement of the December rally). With a daily close below $1,845, additional losses toward $1,837 (Jan. 22 low) could be seen with the violation of the 200-day SMA triggering a technical selloff. On the upside, the initial resistance is located at $1,860 (50-day SMA) ahead of $1,870 (daily high/Fibonacci 50% retracement) and $1,882 (100-day SMA). Gold chart (daily) 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 EUR/USD looking soft in the 1.2130s, but off lows for now FX Street 1 year Gold turned south during the American trading hours on Monday. A daily close below $1,850 could open the door for additional losses. Key resistance for XAU/USD is located near $1,870. The XAU/USD pair started the new week in a quiet manner and moved sideways in a relatively tight range in the Asian trading hours. Although the pair gained traction and rose to a daily high of $1,868 during the European session, it reversed its course and dropped all the way to $1,847. As of writing, XAU/USD was posting small daily losses at $1,854. XAU/USD technical outlook On the daily chart, the… 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.
