Gold Price Analysis: XAU/USD eyes a rally towards $1880 amid stimulus hopes, bull flag

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.

Gold Price Chart: 15-minutes

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.

Gold Additional levels

Overview
Today last price 1861.46
Today Daily Change 19.53
Today Daily Change % 1.06
Today daily open 1841.93
Trends
Daily SMA20 1864.97
Daily SMA50 1856.38
Daily SMA100 1878.13
Daily SMA200 1851.1
Levels
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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