Gold Price Analysis: XAU/USD is stuck in $50 price range

• Gold is reporting marginal gains during Tuesday's Asian hours. 
• The yellow metal is trapped in a $1,912-$1,962 range. 

Gold’s immediate bias will remain neutral while prices are held within the $50 range defined by Monday’s high of $1,962 and Friday’s low of $1,912. 

That’s because the yellow metal carved out a long-tailed hammer on Friday and an inverted hammer on Monday. In other words, Friday’s low is the level where buyers stepped in, while Monday’s high marks a price point where buyers failed to absorb selling pressure. 

As such, $1,962 and $1,192 are key levels to watch out for this week. A break above $1,962 would signal a range breakout and open the doors to $2,000. On the other hand, a move below $1,912 would expose the low of $1,863 (Aug. 12 low). 

At press time, gold is trading near $1,932 per ounce, representing a 0.15% gain on the day. 

Daily chart

Trend: Neutral

Technical levels