- XAU/USD pair is posting sturdy features on Monday.
- Subsequent key hurdle for gold is positioned at $1,805.
- RSI on 4-hour chart reaffirms near-term bullish outlook.
After spending the primary half of the day in a comparatively tight vary slightly above $1,780, the XAU/USD pair gained traction and rose to a day by day excessive of $1,802. As of writing, the pair was up 0.75% on the day at $1,797.
Gold technical outlook
On the 4-hour chart, the Relative Power Index (RSI) indicator is edging larger towards 60, suggesting that gold has extra room on the upside earlier than changing into technically overbought.
The preliminary resistance is positioned at $1,805, the place the Fibonacci 61.8% retracement of final week’s decline is positioned. The 50-SMA can be reinforcing this space forward of $1,817 (100-SMA/static stage) and $1,830 (February 12 excessive).
On the draw back, $1,790 (Fibonacci 38.2% retracement) could possibly be seen as the primary assist earlier than $1,780 (Fibonacci 23.6% retracement) and $1,765 (static stage).
Gold 4-hour chart
Extra ranges to look at for