Gold Price Forecast: XAU/USD pulls back towards $1800 on calm day

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  • Holiday in the United States favors tours in ranges for the moment.
  • The dollar loses ground and Wall Street futures are trading negative.
  • Gold unchanged around $1806, after falling from $1816.

The Prayed It hit as high as $1,814 in the Asian session, the highest level since Thursday, and then reversed direction down to $1,804. It is trading around $1805, barely negative for the day.

The financial day is being very calm, favored by the US holiday Wall Street futures trade in the negative with moderate declines, while the dollar falls. The Dollar Index (DXY) falls 0.21% and operates at daily lows.

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The silver it is stable trading around 19.80/85, unchanged for hours. This comes after losing more than 6% last week, ending with the lowest weekly close since July 2020.

The calm start of the week is not expected to continue, especially considering that the economic calendar shows important events for the next few days, which include the minutes of the Fed, the ECB and the official US employment report. .

technical landscape

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The gold does not give clear signals on Monday and could continue in range in the very short term. The dominant trend remains bearish. The metal managed to rebound from $1,785 on Friday and return above $1,800. Should it return below last, bearish pressures would intensify, exposing the next support at $1,785.

On the upside, at $1815 is the first resistance, followed by $1830. Close to the latter is the 20-day moving average and a very short-term bearish line, which is why, if broken, it would leave XAU/USD with new support.

Technical levels


Today last price 1805.45
Today Daily Change -5.67
Today Daily Change % -0.31
Today daily open 1811.12
Daily SMA20 1832.99
Daily SMA50 1847.48
Daily SMA100 1891.56
Daily SMA200 1845.46
Previous Daily High 1811.91
Previous Daily Low 1784.55
Previous Weekly High 1841.05
Previous Weekly Low 1784.55
Previous Monthly High 1879.26
Previous Monthly Low 1802.79
Daily Fibonacci 38.2% 1801.46
Daily Fibonacci 61.8% 1795
Daily Pivot Point S1 1793.14
Daily Pivot Point S2 1775.17
Daily Pivot Point S3 1765.78
Daily Pivot Point R1 1820.5
Daily Pivot Point R2 1829.89
Daily Pivot Point R3 1847.86

Source: Fx Street

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