Home Markets Gold Price Forecast: XAU/USD volatile, returns to negative ground below $1815

Gold Price Forecast: XAU/USD volatile, returns to negative ground below $1815

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Gold Price Forecast: XAU/USD volatile, returns to negative ground below 15
  • Gold loses more than $10, after jumping to $1,825.
  • Volatile day due to a sharp fall in the equity markets.

Gold is trading back in negative territory after losing ground gaining in a short time. XAU/USD had jumped from near $1,800 to $1,825 marking a new daily high, but failed to validate the bounce and is back below $1,815

still under pressure

Hours ago, gold traded at $1,802, the lowest level since mid-May. Then he had a strong rebound, but it didn’t last. Should it break down and firm below $1,805, we would expect $1,800 to give way, exposing the next support at $1,785, the May low. To the upside, a firm return above $1835, where a bearish line is passing through, would relieve short-term prisons.

The yellow metal is weakened in a context of risk aversion and where most commodities are falling. Wall Street indices fall more than 1.30%.

Lower Treasury yields are one factor helping gold limit the slide. The 10-year bond yields 3.01%, the lowest in a week, and the 30-year bond yields 3.14%, the lowest level in 20 days.

Technical levels

XAU/USD

Panorama
Last Price Today 1815.8
Today’s Daily Change -1.83
Today’s Daily Change % -0.10
Today’s Daily Opening 1817.63
Trends
20 Daily SMA 1838.05
50 Daily SMA 1852.77
100 Daily SMA 1891.98
200 Daily SMA 1844.92
levels
Previous Daily High 1833.11
Previous Daily Minimum 1812.09
Previous Maximum Weekly 1847.95
Previous Weekly Minimum 1816.99
Monthly Prior Maximum 1909.83
Previous Monthly Minimum 1786.94
Daily Fibonacci 38.2% 1820.12
Daily Fibonacci 61.8% 1825.08
Daily Pivot Point S1 1808.78
Daily Pivot Point S2 1799.92
Daily Pivot Point S3 1787.76
Daily Pivot Point R1 1829.8
Daily Pivot Point R2 1841.96
Daily Pivot Point R3 1850.82

Source: Fx Street

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