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Gold Price Forecast: XAU/USD bounces from below $1900 and targets $1920

  • Gold rises after a two-day correction.
  • Lower dollar and Treasury yields favor XAU/USD.
  • Important data is coming from the US.

The Prayed resumes the rises on Wednesday after two consecutive setbacks. Ahead of major US economic data, XAU/USD is trading near the area of ​​daily highs around $1,915. Hours ago, the price was below $1,900.

In hours of the Asian session, gold bottomed out on Wednesday at $1895, the lowest level since Friday. After which he began an ascent, which stopped at $1916. The intraday tone remains bullish, targeting the next resistance which can be seen at $1920.

The advance of the yellow metal occurs before a general decline in the dollar and in Treasury yields. The DXY is back below 102.00, very close to the lows in months. The focus of the market is focusing on what will be the next economic data.

The calendar is loaded in the US on Wednesday with reports of retail sales, industrial production and wholesale inflation. These figures have the potential to impact the market.

In addition, on Wednesday several officials from the Federal Reserve. Raphael Bostic of the Atlanta Fed, James Bullard of St. Louis and Esther George of Kansas.

technical levels

XAU/USD

Panorama
Last Price Today 1912.32
Today’s Daily Change 3.13
Today’s Daily Change % 0.16
Today’s Daily Open 1909.19
Trends
20 Daily SMA 1847.16
SMA of 50 Daily 1801.78
SMA of 100 Daily 1737.71
SMA of 200 Daily 1776.73
levels
Previous Daily High 1919.16
Minimum Previous Daily 1903.79
Previous Weekly High 1921.96
Previous Weekly Minimum 1865.22
Maximum Prior Monthly 1833.38
Minimum Prior Monthly 1765.89
Daily Fibonacci 38.2% 1909.66
Daily Fibonacci 61.8% 1913.29
Daily Pivot Point S1 1902.27
Daily Pivot Point S2 1895.34
Daily Pivot Point S3 1886.9
Daily Pivot Point R1 1917.64
Daily Pivot Point R2 1926.08
Daily Pivot Point R3 1933.01

Source: Fx Street

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