Gold Price Forecast: XAU/USD Pulls Back From Month Highs, Holds Above $1,920

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  • Gold pulls away from recent peak, uptrend holding firm.
  • Drop below $1920 would add bearish pressure to the yellow metal.
  • Gold decline comes despite falling Treasury yields.

The Prayed it is falling on Wednesday and is trading in the $1925 area. after reaching new highs since April 2022 in the previous day above $1,940. The price of the yellow metal marked an intraday minimum at $1,922.

In the area of ​​$1,920 there is an important short-term support, which if it yields could lead to further losses, exposing the current week’s low at $1,910. Conversely, a return above $1,935 would be a positive sign that could lead to a retest of the $1,940 area, the last defense for new highs.

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The XAU/USD is losing more than $10 from Tuesday’s close, making this the worst day so far since January 5. The retracement to these levels is nothing more than a correction of the upward movement. The latter is holding firm, albeit showing difficulties in extending beyond $1,940.

Gold’s slide on Wednesday comes despite lower Treasury yields. The dollar, for its part, operates with mixed results, continuing with the majority of lateral movements. The next major US economic data will be released on Thursday with the fourth quarter GDP growth estimate and the spending price index.

technical levels

XAU/USD

Overview
Today’s last price 1925.69
Today Daily Change -12.26
Today Daily Change % -0.63
Today daily open 1937.95
trends
Daily SMA20 1878.11
Daily SMA50 1818.87
Daily SMA100 1748.69
Daily SMA200 1775.67
levels
Previous Daily High 1942.57
Previous Daily Low 1917.19
Previous Weekly High 1937.57
Previous Weekly Low 1896.63
Previous Monthly High 1833.38
Previous Monthly Low 1765.89
Daily Fibonacci 38.2% 1932.87
Daily Fibonacci 61.8% 1926.89
Daily Pivot Point S1 1922.57
Daily Pivot Point S2 1907.19
Daily Pivot Point S3 1897.19
Daily Pivot Point R1 1947.95
Daily Pivot Point R2 1957.95
Daily Pivot Point R3 1973.33
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Source: Fx Street

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