Gold Price Forecast: XAU/USD extends the bounce and breaks above $1680

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  • Dollar continues weakness after ISM data.
  • Metals make significant gains on Monday.
  • XAU/USD climbs above $1,680, the highest since September 22.

The Prayed is rising significantly on Monday and adds to the rally in silver (+7%). XAU/USD just broke above $1,680, hitting the highest in over a week.

The advance of the yellow metal occurs before a rebound in the stock markets and in raw materials in general. On Wall Street, the Dow Jones rises more than 2%, and the S&P 500 almost 1.90%. The dollar retreats in this context, with the DXY approaching last week’s low, at the 111.70 area.

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Gold finally reacts to what silver was already doing. XAG/USD has the best day in several quarters with an advance of over 7%. It went as high as $20.38, the highest since

In the US, it was known that the ISM Manufacturing for September had a greater decline than expected from 52.8 to 50.9. All items in the report showed figures below expectations. The data left the dollar weaker, while also boosting gold.

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Another factor in favor of the yellow metal is the decline in Treasury bond yields. The 10-year yield is at 3.61%, the lowest level since September 22, far from the area above 4% that it was able to reach just last Wednesday.

Technical levels

XAU/USD

Overview
Today last price 1678.21
Today Daily Change 17.69
Today Daily Change % 1.07
Today daily open 1660.52
trends
Daily SMA20 1679.23
Daily SMA50 1724.96
Daily SMA100 1765.61
Daily SMA200 1824.61
levels
Previous Daily High 1675.49
Previous Daily Low 1659.31
Previous Weekly High 1675.49
Previous Weekly Low 1614.85
Previous Monthly High 1735.17
Previous Monthly Low 1614.85
Daily Fibonacci 38.2% 1665.49
Daily Fibonacci 61.8% 1669.31
Daily Pivot Point S1 1654.72
Daily Pivot Point S2 1648.93
Daily Pivot Point S3 1638.54
Daily Pivot Point R1 1670.9
Daily Pivot Point R2 1681.29
Daily Pivot Point R3 1687.08

Source: Fx Street

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