Gold (XAU/USD) is set to retest daily highs at $1867, having found strong bids around $1850 levels amid a revival of hopes on a likely US fiscal stimulus.
The risk sentiment received a fresh boost alongside gold prices, as the US dollar eased across the board after reports that US President Joe Biden is expected to meet a group of Republican senators later on Monday to discuss the covid relief package. The Republicans have trimmed down the stimulus package to $600 million.
The Wall Street retail-trade frenzy and the ongoing rally in silver prices also keep the sentiment around gold underpinned. Although, the vaccine optimism in the Euro area could limit the gains in the bright metal.
Looking at it technically, the near-term bias appears bullish amid a bull flag confirmed on the 15-minutes chart on the last candle.
The Relative Strength Index (RSI) holds steady above the midline, suggesting that there is additional room to the upside.
The spot trades above all the major averages on the given timeframe, having witnessed a bullish crossover earlier in the Asian session. The 21-simple moving average (SMA) cut the 50-HMA from below represents a bull cross.
A break below the falling trendline support at $1858 could invalidate the pattern, opening floors for a test of the 50-SMA at $1855.
|Today last price||1861.46|
|Today Daily Change||19.53|
|Today Daily Change %||1.06|
|Today daily open||1841.93|
|Previous Daily High||1875.7|
|Previous Daily Low||1839.68|
|Previous Weekly High||1875.7|
|Previous Weekly Low||1831.36|
|Previous Monthly High||1959.42|
|Previous Monthly Low||1802.8|
|Daily Fibonacci 38.2%||1853.44|
|Daily Fibonacci 61.8%||1861.94|
|Daily Pivot Point S1||1829.17|
|Daily Pivot Point S2||1816.42|
|Daily Pivot Point S3||1793.15|
|Daily Pivot Point R1||1865.19|
|Daily Pivot Point R2||1888.46|
|Daily Pivot Point R3||1901.21|
This content was originally published here.
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