Gold Price Analysis: Hovers above $1,890, daily chart shows SMA bear cross

• Gold's daily chart shows a bear cross between key SMAs. 
• The bias remains neutral with prices stuck in last Monday's trade range.

Gold is currently trading 0.28% higher on the day at $1,894 per ounce, having declined by 3.19% last week. 

The metal's 50- and 100-day simple moving averages (SMAs) have almost produced a bearish crossover, the first since December 2019. The SMA indicators are quite popular, especially among tyro traders/investors. 

However, SMA studies are based on historical data. As such, crossovers lag price trends and are unreliable. Put simply, the latest bear cross does not necessarily imply a price sell-off. 

That said, gold needs to topple last Monday's high of $1,965 to confirm a bullish revival. On the downside, $1,850 is the level to beat for the bears. That level has acted as strong support multiple times since the second half of September. The immediate bias would remain neutral as long as prices are held within last Monday's trading range of $1,850 to $1,963. 

Daily chart

Trend: Neutral

Technical levels