- After a jump at the start of the week, gold then pulled back into negative territory.
- Rise in yields and in the dollar it took strength from the yellow metal.
- The dominant trend is bearish, with no clear signals in the very short term.
The Prayed it is trading just below $1650, somewhat calm after a volatile Asian session. At the beginning of the week, XAU/USD rose to $1,670, the highest in a week, but then changed direction.
The continuity of the rally on Friday, after a report that the Fed would evaluate the magnitude of the hikes at the next meeting, had boosted the metal at the beginning of the week. Worse after reaching a peak, the situation changed with the dollar beginning to recover ground. Equity markets then also fell, further weakening gold.
The XAU/USD fell to $1644, before paring losses. If it rises above $1,655, gold could regain strength. The next resistance is at $1658 and then at the peak of $1670. In the opposite direction, if it consolidates below $1645, the negative tone could intensify. Supports are seen at $1640 and then $1620.
In a more general look, the dominant trend in gold is down. The key support at the moment is $1610/15, the bottom this year. In weekly terms, the yellow metal avoided a close below $1,640, which would enable further declines.
XAU/USD weekly chart
Technical levels
XAU/USD
Panorama | |
---|---|
Last Price Today | 1648.09 |
Today’s Daily Change | -9.26 |
Today’s Daily Change % | -0.56 |
Today’s Daily Opening | 1657.35 |
Trends | |
---|---|
20 Daily SMA | 1665.97 |
50 Daily SMA | 1696.19 |
100 Daily SMA | 1739.67 |
200 Daily SMA | 1814.23 |
levels | |
---|---|
Previous Daily High | 1658.24 |
Previous Daily Minimum | 1617.35 |
Previous Maximum Weekly | 1668.53 |
Previous Weekly Minimum | 1617.35 |
Monthly Prior Maximum | 1735.17 |
Previous Monthly Minimum | 1614.85 |
Daily Fibonacci 38.2% | 1642.62 |
Daily Fibonacci 61.8% | 1632.97 |
Daily Pivot Point S1 | 1630.39 |
Daily Pivot Point S2 | 1603.42 |
Daily Pivot Point S3 | 1589.5 |
Daily Pivot Point R1 | 1671.28 |
Daily Pivot Point R2 | 1685.2 |
Daily Pivot Point R3 | 1712.17 |
Source: Fx Street

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