Gold Price Forecast: XAU/USD falls below $1,800 to lowest level since late January

Get real time updates directly on you device, subscribe now.

  • Gold attracts fresh selling on Monday and falls to its lowest level since late January.
  • Signs of stability in financial markets weigh on demand for the yellow metal as a safe haven.
  • The break below $1,800 accelerates the decline and paves the way for further losses.

The price of Gold (XAU/USD) has weakened further below the $1,800 level and has fallen to its lowest level since late January, at $1,786, during the first half of the European session on Monday. At time of writing, price bounces sharply towards $1,806, still down 0.30% on the day.

After an initial rally to the $1,818 area, XAUUSD came under further selling pressure on Monday and continued its recent bearish move seen over the past month. The modest recovery in global risk sentiment, as the signs of stability in the stock markets show, turned out to be a key factor weighing on gold as a safe haven.

In addition, the prospects for more aggressive tightening of Federal Reserve monetary policy they contributed to move away the flows of the yellow metal, which does not yield. The intraday drop was carried ahead some short-term stop orders sitting near the $1,800 level. This further aggravated the bearish pressure around gold, although a combination of factors helped limit losses.

The growing concern about global growth, stemming from the war in Ukraine and China’s zero-covid policy, has spurred a rally in bonds, pushing benchmark 10-year yields back from a recent high of 3.20%. This, in turn, kept dollar bulls on the defensive and offered some support to the precious metaldenominated in dollars, allowing spot prices to rebound from the $1,787 – $1,785 zone.

Nevertheless, lack of a strong continuation of buying and acceptance below the round $1,800 level marks a bearish breakout. Therefore, a further decline towards the $1,782-1,780 zone, or the 2022 low, on the way to the next relevant support near the $1,753-1,751 zone, remains a distinct possibility. Investors are now awaiting the release of the US Empire State Manufacturing Index for a further boost.

gold technical levels

XAU/USD

Panorama
Last Price Today 1806.31
Today’s Daily Change -5.21
Today’s Daily Change % -0.29
Today’s Daily Opening 1811.52
Trends
20 Daily SMA 1890.1
50 Daily SMA 1926.78
100 Daily SMA 1883.61
200 Daily SMA 1836.01
levels
Previous Daily High 1828.85
Previous Daily Minimum 1799.19
Previous Maximum Weekly 1885.82
Previous Weekly Minimum 1799.19
Monthly Prior Maximum 1998.43
Previous Monthly Minimum 1872.24
Daily Fibonacci 38.2% 1810.52
Daily Fibonacci 61.8% 1817.52
Daily Pivot Point S1 1797.52
Daily Pivot Point S2 1783.53
Daily Pivot Point S3 1767.86
Daily Pivot Point R1 1827.18
Daily Pivot Point R2 1842.85
Daily Pivot Point R3 1856.84

Advertisement

Source: Fx Street

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

www xxx xxx video tube freeproncom filmsex hindi xxxvdo xxx hd
buy kamagra buy kamagra online $255 payday loans online same day no denial payday loans direct lenders only