Home Markets Gold Price Forecast: XAU/USD remains bearish, tests $1770

Gold Price Forecast: XAU/USD remains bearish, tests $1770

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Gold Price Forecast: XAU/USD remains bearish, tests 70
  • Gold returns gains from the Asian session and hits its lowest in more than a week.
  • Negative short-term outlook could change with consolidation above $1,782.
  • Major US data ahead and Fed minutes.

The Prayed is falling again on Wednesday, after failing to hold a rebound. XAU/UUSD rallied in the Asian session to $1,782, but then reversed direction and fell to $1,770, the lowest level since Aug 8.

At the moment gold has held above $1770, but that level remains under pressure. Should it break below, further losses would be expected. The next relevant support can be seen in the $1755 area.

The very short-term outlook for the metal remains bearish, following the initial rejection at $1,800 and after losing $1,780 on Monday. In case of a return above $1785, it could go back to being bullish or neutral. A confirmation of the $1,800 breakout would enable further rallies in the short term.

The The yellow metal on Wednesday is being affected by a stronger dollar and rising sovereign bond yields. This even despite the fall in the equity markets in Europe and in the previous Wall Street.

The economic calendar is loaded for Wednesday, with the data of retail sales of the USA and then the minutes of the Federal Reserve from the last FOMC meeting. There will also be more earnings data from retail companies completing the picture of the state of health of the American consumer.

Technical levels

XAU/USD

Panorama
Last Price Today 1771.97
Today’s Daily Change -3.81
Today’s Daily Change % -0.21
Today’s Daily Opening 1775.78
Trends
20 Daily SMA 1761.21
50 Daily SMA 1780.38
100 Daily SMA 1834.45
200 Daily SMA 1841.67
levels
Previous Daily High 1783.18
Previous Daily Minimum 1771.57
Previous Maximum Weekly 1807.93
Previous Weekly Minimum 1770.9
Monthly Prior Maximum 1814.37
Previous Monthly Minimum 1680.91
Daily Fibonacci 38.2% 1776.01
Daily Fibonacci 61.8% 1778.74
Daily Pivot Point S1 1770.51
Daily Pivot Point S2 1765.23
Daily Pivot Point S3 1758.9
Daily Pivot Point R1 1782.12
Daily Pivot Point R2 1788.45
Daily Pivot Point R3 1793.73

Source: Fx Street

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