Gold Price Forecast: XAU/USD finds support at $1750, capped at $1760

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  • Sovereign bond yields bounce and play against gold.
  • The dollar without major changes in a day of low volume.
  • XAU/USD maintains limited sidetone at $1760.

The Prayed is trading in the $1753 area, virtually unchanged from Thursday’s close. In the Asian session, the price of the yellow metal reached $1,760, the highest in six days, but then fell back reaching $1,749.

The rebound in sovereign bond yields weakened gold. The 10-year Treasury bond stands at 3.70%while the German reference at 1.92% (up 3.85% on the day).

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The dollar operates with mixed results in the market and without major changes. The DXY it rises 0.20% and operates at 105.85, still close to the November lows. The low volume favors runs in ranges.

Wall Street it was closed on Thursday and on Friday it will have a limited day. This implies that activity will return to normal only on Monday, which will favor limited movements. The economic calendar does not show more impact data for this week. It stands out in the one that comes the official US employment report.

Resistance at $1760

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The XAU/USD stopped the advance in the area of ​​$1760, which is the resistance to break to enable more rises, with the next resistance at $1766, followed by $1775. In the opposite direction, a drop below $1745 would point to further downside, exposing the next strong support at $1730.

technical levels

XAU/USD

Panorama
Last Price Today 1751.77
Today’s Daily Change -3.28
Today’s Daily Change % -0.19
Today’s Daily Open 1755.05
Trends
20 Daily SMA 1715.38
SMA of 50 Daily 1685.27
SMA of 100 Daily 1711.94
SMA of 200 Daily 1799.71
levels
Previous Daily High 1758.68
Minimum Previous Daily 1749.26
Previous Weekly High 1786.55
Previous Weekly Minimum 1747.6
Maximum Prior Monthly 1729.58
Minimum Prior Monthly 1617.35
Daily Fibonacci 38.2% 1755.08
Daily Fibonacci 61.8% 1752.86
Daily Pivot Point S1 1749.98
Daily Pivot Point S2 1744.91
Daily Pivot Point S3 1740.56
Daily Pivot Point R1 1759.4
Daily Pivot Point R2 1763.75
Daily Pivot Point R3 1768.82

Source: Fx Street

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