Gold managed to rise slightly above the 200-day SMA despite Thursday’s sharp decline. While above here, XAU/USD retains a bullish bias, FXStreet’s Eren Sengezer reports

The $1,780/$1,775 area aligns as initial support

“In case XAU/USD stabilizes above $1,790 (200-day SMA) and confirms that level as support, it could test $1,800 in the short term before targeting $1,830 (Fibonacci 50% retracement of the long-term downtrend) and $1,860 (static level).”

“On the downside, $1,780/$1,775 area (Fibonacci 38.2% retracement, 20-day SMA) aligns as initial support before $1,740 (static level) and $1,720 (100-day SMA, 50-day SMA).”

This article was originally published by Fxstreet.com.Read the original article here.

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