XAU/USD reverses intraday dip, holds steady above $1,815 level
- Gold attracted some dip-buying near the $1,808 region on the first day of a new week.
- A combination of factors might keep a lid on any meaningful upside for the commodity.
GOLD reversed an early dip to the $1,808 region and moved to the top end of its daily trading range during the early European session. The precious metal attracted some dip-buying on the first day of a new trading week and might now be looking to build on Friday's recovery move from over two-month lows.
The retracement puts gold prices close to the 1,817.80 level where resistance could form. Unless we see a strong close above $1,817.80, gold prices could hold a sideways range between $1,817.80 and the recent lows near $1,784.81.
The next relevant target on the downside is near the $1,787-86 area before the XAU/USD eventually slide to test November 2020 swing lows, around the $1,770 region which should now act a key pivotal point for short-term traders.
On the flip side, the $1,825 level now becomes immediate resistance. Any further recovery might be seen as a selling opportunity and remain capped near the ascending trend-line support breakpoint, around the $1,850 region
