- Gold makes new lows and then stabilizes.
- XAU/USD with bearish bias, next support at $1635.
- Loaded week begins, high volatility is expected.
The Prayed It started the week by extending Friday’s decline and reached as high as $1635, reaching the lowest level since October 21st. It then bounced back and is trading just above $1640, slightly negative, at the start of a busy week.
The $1,635 zone is not just the daily low but a key short-term support. A confirmation below would trigger further downside, with a possible target of the next support at $1620. On the upside, a recovery above $1,650 would relieve downward pressure. The next barrier can be seen at $1658.
The recoil of Prayed occurs before a strengthening of the dollar in the market and a rise in Treasury bond yields. DXY is up 0.40%, and is above 111.00. For its part, the 10-year Treasury bond yields 4.03%, while the two-year bond yields 4.46%.
The green ticket positively starts a week that will have the meeting of the Federal Reserve and the US employment report for Octoberamong other important events. This implies a high probability of a week with several volatile sessions for gold.
Technical levels
XAU/USD
Panorama | |
---|---|
Last Price Today | 1637.33 |
Today’s Daily Change | -7.29 |
Today’s Daily Change % | -0.44 |
Today’s Daily Opening | 1644.62 |
Trends | |
---|---|
20 Daily SMA | 1668.12 |
50 Daily SMA | 1685.23 |
100 Daily SMA | 1729.75 |
200 Daily SMA | 1809.96 |
levels | |
---|---|
Previous Daily High | 1667.07 |
Previous Daily Minimum | 1638.09 |
Previous Maximum Weekly | 1674.96 |
Previous Weekly Minimum | 1638.09 |
Monthly Prior Maximum | 1735.17 |
Previous Monthly Minimum | 1614.85 |
Daily Fibonacci 38.2% | 1649.16 |
Daily Fibonacci 61.8% | 1656 |
Daily Pivot Point S1 | 1632.78 |
Daily Pivot Point S2 | 1620.95 |
Daily Pivot Point S3 | 1603.8 |
Daily Pivot Point R1 | 1661.76 |
Daily Pivot Point R2 | 1678.91 |
Daily Pivot Point R3 | 1690.74 |
Source: Fx Street
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