- XAU/USD makes daily lows below $1,670.
- The trend remains down, although for now the price remains between $1,680 and $1,660.
- A drop below $1,650 could spark an acceleration to the downside.
Gold is falling on Tuesday although it remains in the range of recent days, in the area of lows in years. XAUUSD ran into resistance again at the $1680 area and after failing to break above it started to pull back. It recently hit a daily low of $1,665.
The pThe price remains strong this week without being able to assert itself above $1,680 and on the downside, finding support above $1,660. The dominant trend remains clearly bearish. Losing $1,660 would expose the support at $1,650 and below it could give an acceleration to the downside.
The rise in sovereign bond yields remains a negative factor for the yellow metal. The US 10-year bond is at ten-year highs above 3.50% and the 2-year is very close to 4% at highs since 2007. The issue of bonds occurs ahead of the start of the FOMC meeting, which on Wednesday will announce the monetary policy decision, which is expected to be a 75 basis point rise in the interest rate.
Both equity markets and the dollar are flat on Tuesday. The market seems to be entering a waiting mode for the big event on Wednesday.
Technical levels
XAU/USD
Panorama | |
---|---|
Last Price Today | 1666.7 |
Today’s Daily Change | -9.18 |
Today’s Daily Change % | -0.55 |
Today’s Daily Opening | 1675.88 |
Trends | |
---|---|
20 Daily SMA | 1713.76 |
50 Daily SMA | 1736.09 |
100 Daily SMA | 1783.63 |
200 Daily SMA | 1830.79 |
levels | |
---|---|
Previous Daily High | 1680.02 |
Previous Daily Minimum | 1659.71 |
Previous Maximum Weekly | 1735.17 |
Previous Weekly Minimum | 1654.17 |
Monthly Prior Maximum | 1807.93 |
Previous Monthly Minimum | 1709.68 |
Daily Fibonacci 38.2% | 1672.26 |
Daily Fibonacci 61.8% | 1667.47 |
Daily Pivot Point S1 | 1663.72 |
Daily Pivot Point S2 | 1651.56 |
Daily Pivot Point S3 | 1643.41 |
Daily Pivot Point R1 | 1684.03 |
Daily Pivot Point R2 | 1692.18 |
Daily Pivot Point R3 | 1704.34 |
Source: Fx Street
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