Gold Price Analysis: XAU/USD rebounds from Fibo support, stays below $1,900

Gold is staging a rebound following Monday's slump.
XAU/USD stays below a cluster of moving averages.
A daily close below $1,850 could cause the outlook to turn bearish.

Eren Sengezer FXStreet

After climbing to its highest level since mid-September at $1,965 on Monday, the XAU/USD pair made a sharp U-turn and suffered its largest daily percentage decline since early August. The pair closed at $1,861 and lost 4.58% but started to erase its losses on Tuesday. As of writing, XAU/USD was up 1.2% on the day at $1,884.

Gold technical outlook

Despite Tuesday's rebound, XAU/USD continues to trade below the 20-day, 50-day and 100-day SMAs, which are currently located around $1,900 psychological level. Additionally, the Fibonacci 50% retracement of the June-August uptrend is reinforcing this resistance area. Meanwhile, the Relative Strength Index (RSI) indicator on the daily chart stays below 50, suggesting that the pair is making a technical correction. Only a decisive break above $1,900 could attract more buyers and help XAU/USD shake off the bearish pressure.

On the other hand, the Fibonacci 61.8% retracement of the same trend seems to have formed important support at $1,850. If price makes a daily close below $1,850, it could extend its slide toward $1,815 (former resistance).

Gold daily chart

Additional levels to watch for

XAU/USD

Overview
Today last price	1883.46
Today Daily Change	17.82
Today Daily Change %	0.96
Today daily open	1865.64

Trends
Daily SMA20	1902.5
Daily SMA50	1911.69
Daily SMA100	1900.34
Daily SMA200	1780.11

Levels
Previous Daily High	1965.58
Previous Daily Low	1850.56
Previous Weekly High	1960.4
Previous Weekly Low	1873.52
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1894.5
Daily Fibonacci 61.8%	1921.64
Daily Pivot Point S1	1822.27
Daily Pivot Point S2	1778.91
Daily Pivot Point S3	1707.25
Daily Pivot Point R1	1937.29
Daily Pivot Point R2	2008.95
Daily Pivot Point R3	2052.31

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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