Technical analysis
The RSI is above line 50, indicating that an uptrend may prevail
The Ichimoku indicator gives a possible bullish signal.
What the possible outcomes are
Fears about Delta spreading in the USA and China supported gold. Meanwhile, traders await signals from the U.S. jobs data on the labour market recovery that could influence the tapering plans of the Federal Reserve.
In our most likely scenario, XAUUSD may rise towards the first resistance level of 1,818.92.
If the pair surpasses the first resistance level, we should expect a continued surge towards the next resistance level of 1,825.04.
Alternatively, the XAUUSD may challenge the first support level of 1,810.67.
If the pair falls below the first support level, we can expect a continued downtrend towards the second support level of 1,797.92, with an extended downtrend towards 1,792.21.
Key levels
Support 1,784 1,792 1,797 1,810
Resistance 1,818 1,825 1,835
