logo

FX.co ★ XAU/USD climbs to fresh session tops, around $1,780 region

XAU/USD climbs to fresh session tops, around $1,780 region

  • Gold pushes higher after closing in the negative territory last week.
  • A break above $1,783 could open the door for additional gains.
  • Initial support for XAU/USD is located at $1,775.

 XAU/USD climbs to fresh session tops, around $1,780 region

The XAU/USD pair suffered heavy losses on surging US Treasury bond yields last Thursday and closed the week in the negative territory. With the greenback struggling to find demand on Monday, the pair turned north and was last seen gaining 0.45% on a daily basis at $1,780.

Gold pushes higher after closing in the negative territory last week. A break above $1,783 could open the door for additional gains. Initial support for XAU/USD is located at $1,775. Meanwhile, the upside is likely to remain capped amid the underlying bullish sentiment in the financial markets, which tends to undermine the safe-haven XAU/USD. Investors might also refrain from placing aggressive bets ahead of the Fed Chair Jerome Powell's scheduled speech later this Monday.

From a technical perspective, Gold has more room on the upside before becoming technically oversold. $1,783 (Fibonacci 23.6% retracement of the latest uptrend) aligs as the initial hurdle ahead of $1,790 (static resistance and $1,800 psychological level. Supports, on the other hand, are located at $1,751 (Fibonacci 38.2% retracement), $1,738 (Fibonacci 50% retracement) .

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account