Gold Price Analysis: XAU/USD rebounds and prints a new multi-year high above $1890

The US dollar weakened again and helped XAU/USD rise toward new highs.
Gold’s bullish momentum remains intact despite overbought readings.

Matías Salord FXStreet

The rebound of the US dollar was short-lived and near the London fix it resumed the decline, sending XAU/USD to $1,891/oz, the new cycle high. The yellow metal is hovering around $1,890, levels last seen back in 2011.

The US Dollar Index (DXY) turned again to the downside and printed a fresh four-month low below 94.80. It is falling by 0.20% and is about to test the 2020 intraday low reached on March 9 at 94.65. If it breaks below that level, it would be trading at the lowest since September 2018. The demand for gold is receiving an extra impulse from a weaker US dollar.

Gold is extending the bullish trend that remains intact, with no signs of a correction. Above $1,890, a test of $1,900 seems likely. Volatility could rise if the mentioned level is reached. Above, the next target would be the all-time high near $1,920.

XAU/USD is extending gains despite the pullback in other commodities. Silver (XAG/USD) is falling 0.40%, after being rejected from above 23.00, but it is moving off lows.

Gold levels

XAU/USD

Overview
Today last price	1886.55
Today Daily Change	14.43
Today Daily Change %	0.77
Today daily open	1872.12

Trends
Daily SMA20	1798.17
Daily SMA50	1756.56
Daily SMA100	1703.64
Daily SMA200	1613.92

Levels
Previous Daily High	1872.16
Previous Daily Low	1840.66
Previous Weekly High	1815.1
Previous Weekly Low	1790.42
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1860.13
Daily Fibonacci 61.8%	1852.69
Daily Pivot Point S1	1851.13
Daily Pivot Point S2	1830.15
Daily Pivot Point S3	1819.63
Daily Pivot Point R1	1882.63
Daily Pivot Point R2	1893.15
Daily Pivot Point R3	1914.13

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD flirts with yearly lows in the sub-1.1600 area

EUR/USD adds to Monday’s heavy losses and breaks below the key 1.1600 support on Tuesday, putting the YTD lows around 1.1570 to the test. The pair’s deep pullback comes as the US Dollar extend its strong bounce, always propped up by the intense flight-to-safety environment.

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold remains offered around $5,170

Gold comes under renewed and marked selling pressure on Tuesday, hovering around the $5,170 mark per troy ounce and reversing four consecutive daily advances. The yellow metal’s bearish tone comes on the back of the increasing demand for the Greenback at the time when investors continue to trim bets on further Fed rate cuts.

Crypto Today: Bitcoin, Ethereum, XRP pull back as sentiment remains in extreme market fear

The cryptocurrency market is broadly in the red on Tuesday as the Middle East grapples with an escalating war. Bitcoin (BTC) is in a pullback, trading below $67,000 at the time of writing, and most altcoins follow suit.

Middle East conflict ramps up a gear as energy price spike rips through markets

It’s another risk off day as geopolitical headwinds continue to batter financial markets. Although markets calmed during the US session and US stocks managed to post gains on Monday, this has not fed through to the European session, and stocks and bonds are sharply lower for a second day.

Hyperliquid Price Forecast: HYPE rises on commodities demand amid US-Iran war

Hyperliquid (HYPE) steadies above $33 at press time on Tuesday, marking its fourth consecutive day of recovery in a broadly volatile market due to the ongoing US-Israel strikes on Iran.