Gold Price Forecast: XAU/USD reverses trend and makes daily lows below $1820

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  • Gold loses strength on resurgence of Treasuries.
  • Equity markets moderate the advance.
  • The dollar remains in negative territory throughout the market.

The Prayed erased previous gains and turned negative for the day during the American session, signaling that the rally has run out of steam. The price of an ounce had climbed to $1,836, the highest since Wednesday. It then reversed direction and recently fell to $1,819, marking a low for the day.

The XAU/USD is trading just above $1820 trying to regain momentum. Should it return above $1830, the very short-term bullish picture would be reinforced, and a test of daily highs and beyond would be expected. Instead of asserting below $1,820, the next support is at $1,815, followed by $1,805.

Gold’s loss of strength came on the back of a resurgence in rising Treasury yields. After remaining range bound, the 10-year tranche jumped from 2.90% to 2.97%, weakening gold. To this was added the moderation in the rise in the equity markets. Wall Street indices are up but off highs.

Better-than-expected US economic data for both retail sales and industrial production helped stem the dollar’s decline and weaken Treasuries.

Technical levels

XAU/USD

Overview
Today last price 1824.02
Today Daily Change -0.14
Today Daily Change % -0.01
Today daily open 1824.16
trends
Daily SMA20 1882.36
Daily SMA50 1923.91
Daily SMA100 1883.76
Daily SMA200 1836.32
levels
Previous Daily High 1826.92
Previous Daily Low 1786.94
Previous Weekly High 1885.82
Previous Weekly Low 1799.19
Previous Monthly High 1998.43
Previous Monthly Low 1872.24
Daily Fibonacci 38.2% 1811.65
Daily Fibonacci 61.8% 1802.21
Daily Pivot Point S1 1798.43
Daily Pivot Point S2 1772.69
Daily Pivot Point S3 1758.45
Daily Pivot Point R1 1838.41
Daily Pivot Point R2 1852.65
Daily Pivot Point R3 1878.39

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Source: Fx Street

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