Categories: Markets

Gold Price Forecast: XAU/USD still under pressure, in the $1730 zone

Gold Price Forecast: XAU/USD still under pressure, in the 30 zone
  • 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