Gold Prices Defy Pivotal Technical Resistance, AUD/USD Attempts Bullish Breakout

GOLD PRICE TECHNICAL ANALYSIS

Gold prices climbed on Monday, buoyed by the drop in U.S. yields and the U.S. dollar’s softness. With recent performance in mind, XAU/USD has risen more than 8% since October, firmly eclipsing its 200-day simple moving average and ascending beyond the psychological $2,000 level – two technical signals that have strengthened the metal’s constructive bias.

For stronger conviction in the bullish thesis and to validate the potential for further upward momentum, a clear and decisive move above $2,010/$2,015 is required – a major resistance zone that has consistently thwarted advances since the beginning of the year. While clearing this hurdle might pose a challenge for bulls, a breakout could catalyze a rally towards $2,060, followed by $2,085, May’s high.

In the event that gold gets rejected to the downside from its current position, the asset might trend towards support spanning from $1,980 to $1,975. Prices could potentially stabilize in this area on a bearish reversal, but a push below this floor could lead to a retreat towards the 200-day simple moving average situated around the $1,950 mark. Beneath this threshold, attention might refocus on $1,937.

AUD/USD TECHNICAL ANALYSIS

AUD/USD trekked upwards at the start of the new week, climbing above its 200-day simple moving average and coming within a whisker of taking out technical resistance located in the 0.6600-0.6620 band. With the RSI indicator approaching overbought territory, the recent rally could soon run out of steam, but a move above 0.6600-0.6620 could breathe new life into the pair and reinvigorate the bulls, propelling prices towards trendline resistance at 0.6670. On further strength, we may see a move towards 0.6815.

On the other hand, if market sentiment shifts in favor of sellers and AUD/USD takes a turn to the downside, primary support looms at 0.6525, but further losses could be in store on a push below this threshold, with the next downside target corresponding to the 100-day simple moving average, followed by 0.6460. It is of utmost importance for the bulls to robustly defend this floor; any failure to do so could catalyze a pullback towards 0.6395.

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