June 21, 2024

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Gold Price Forecast: XAU/USD closes Monday above $1,920

2 min read
  • XAU/USD secured daily gains on Monday and closed above $1,920.
  • The daily chart flashes mixed signals with no clear short-term dominance.
  • As long as the price remains above $1,920, the outlook will be bright.

The Gold Spot price closed at $1,922 in Monday’s session, tallying a 0.18% daily increase. Thanks to the weaker US Dollar, precious metals were allowed to gain some traction, but the US Treasury yields, which remain high, halted all attempts to make a significant upward movement.


On the technical front, the daily chart indicates neutral but with a slight bullish bias in favour of Gold buyers. The Relative Strength Index (RSI) displays an ascending slope in the bearish territory, hinting at a potential trend reversal of the recent bearish movements. At the same time, the Moving Average Convergence (MACD) prints lower green bars, which signifies that despite bulls gaining some ground, their momentum is relatively weak. In addition, on the bright side, the pair is holding above the 20- and 200-day Simple Moving Average (SMA) convergence at the $1,915-1,920 and as long as the buyers keep this level, the downside will be limited. However, the bulls still have more work to do and must target the 100-day SMA at $1,950 to gather momentum and continue breaking resistances. Above the 100-day average, the following targets are $1,970 and $1,990.

XAU/USD Daily chart

XAU/USD

OVERVIEW
Today last price1922.42
Today Daily Change3.46
Today Daily Change %0.18
Today daily open1918.96
TRENDS
Daily SMA201915.98
Daily SMA501932.21
Daily SMA1001950.65
Daily SMA2001918.88
LEVELS
Previous Daily High1929.75
Previous Daily Low1917.41
Previous Weekly High1946.35
Previous Weekly Low1915.33
Previous Monthly High1966.08
Previous Monthly Low1884.85
Daily Fibonacci 38.2%1922.12
Daily Fibonacci 61.8%1925.04
Daily Pivot Point S11914.33
Daily Pivot Point S21909.7
Daily Pivot Point S31901.99
Daily Pivot Point R11926.67
Daily Pivot Point R21934.38
Daily Pivot Point R31939.01

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