untitled design

Gold Price Forecast: XAU/USD Extends Recovery to $1640 Zone

  • Gold trims recent losses, still facing downside pressure.
  • Recovery faces resistance at the $1650 zone and then at $1660.
  • Yields down and dollar rally moderating helps XAU/USD.

The Prayed is rising on Tuesday and is recovering after falling as low as $1,620 on Monday’s close, the lowest level since April 2020. XAU/USD rallied as high as $1,640 in the European session making a daily high and then pulled back, finding support above $1,630.

The rebound in gold is due to a correction of the dollar in the market and a slight rise in Treasury bonds. The decline in yields from highs in years is favoring the recovery of the yellow metal.

Despite paring some of the recent losses, the trend for gold remains negative. In case of extending the rebound, resistance can be located at $1,650, followed by $1,660. A drop below $1630 in the short term would expose the lows recent and next support at $1610.

The economic calendar for Tuesday shows several speeches by central bank officials, including Lagarde and Powell. Regarding data, the report on durable goods and new home sales for August and the Conference Board consumer confidence index for September, among others, will be published in the US.

Technical levels

XAU/USD

Overview
Today last price 1635.17
Today Daily Change 12.74
Today Daily Change % 0.79
Today daily open 1622.43
trends
Daily SMA20 1690.98
Daily SMA50 1729.86
Daily SMA100 1772.75
Daily SMA200 1827.51
levels
Previous Daily High 1649.83
Previous Daily Low 1621.16
Previous Weekly High 1688.11
Previous Weekly Low 1639.85
Previous Monthly High 1807.93
Previous Monthly Low 1709.68
Daily Fibonacci 38.2% 1632.11
Daily Fibonacci 61.8% 1638.88
Daily Pivot Point S1 1612.45
Daily Pivot Point S2 1602.47
Daily Pivot Point S3 1583.78
Daily Pivot Point R1 1641.12
Daily Pivot Point R2 1659.81
Daily Pivot Point R3 1669.79

Source: Fx Street

You may also like

Ethena Labs project will hold an airdrop
Top News
David

Ethena Labs project will hold an airdrop

The Ethereum-based decentralized stablecoin (USDe) protocol team, Ethena Labs, announced an airdrop on April 2, 2024. We are excited to

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular