- XAU / USD stays underneath modest bearish stress on Monday.
- The short-term outlook for gold stays impartial with a bearish bias.
- The following key help is round $ 1,720.
XAU / USD managed to put up small positive aspects final week, however struggled to realize momentum on Monday, with the low-risk market setting offering extra impetus to the buck relatively than the gold. On the time of writing, the pair was down 0.6% every day to $ 1,735.
Gold technical outlook
Earlier within the session, XAU / USD fell to the decrease finish of the short-term vary round $ 1,730, however staged a technical rebound. On the four-hour chart, the 50-period SMA applies this static help and a break beneath this stage may open the door for additional losses in the direction of $ 1,720 (100-period SMA, 23.6% Fibonacci retracement from February 2 to March 2. 8 downward pattern).
On the upside, the preliminary hurdle stands at $ 1,740 (20 interval SMA) forward of $ 1,750 (static resistance) and $ 1,755 (March 19 excessive).
In the meantime, the Relative Power Index (RSI) on the identical chart stays round 50, suggesting that gold is struggling to make a decisive transfer in both course initially of the week.