- Negative trend remains firm in metals.
- XAU/USD with support at $1720 and then the 2021 low will appear.
- Lower Treasury yields limit gold’s pullback.
Gold is trading in the low zone since September on Tuesday. in asian hours XAU/USD fell to $1723, and then bounced. The rallies could not break above the $1740 zone and it is back below $1730. The dollar remains firm in a context of risk aversion.
The dominant trend in gold is still down. The setback in treasury bond yields it is a factor that is limiting the declines of the metal. At the same time, the strength of the dollar and the weakness in the financial markets remain a key factor.
Monday the XAU/USD had the lowest daily close since September. The next support is seen at $1720. Below that the focus will shift to $1,700 and then the 2021 low at $1,675. On the upside, the first resistance is at $1,740 and above it follows the $1,750 area. Just after breaking $1,810, the short-term bearish picture would change.
The silver he is having an even worse time on Tuesday, although he cut losses in the last hour. XAG/USD is back above $19.00, having dropped as low as $18.73, the lowest level since July 2020.
Technical levels
XAU/USD
Overview | |
---|---|
Today last price | 1731.6 |
Today Daily Change | -2.46 |
Today Daily Change % | -0.14 |
Today daily open | 1734.06 |
trends | |
---|---|
Daily SMA20 | 1805.09 |
Daily SMA50 | 1831.16 |
Daily SMA100 | 1884.29 |
Daily SMA200 | 1845.7 |
levels | |
---|---|
Previous Daily High | 1744.73 |
Previous Daily Low | 1731.33 |
Previous Weekly High | 1814.37 |
Previous Weekly Low | 1730.73 |
Previous Monthly High | 1879.26 |
Previous Monthly Low | 1802.79 |
Daily Fibonacci 38.2% | 1736.45 |
Daily Fibonacci 61.8% | 1739.61 |
Daily Pivot Point S1 | 1728.68 |
Daily Pivot Point S2 | 1723.31 |
Daily Pivot Point S3 | 1715.28 |
Daily Pivot Point R1 | 1742.08 |
Daily Pivot Point R2 | 1750.11 |
Daily Pivot Point R3 | 1755.48 |
Source: Fx Street
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