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Gold Price Forecast: XAUUSD at two-day lows, testing support at $1760 area

  • Metals receding before the dollar rises throughout the market.
  • Gold pulls away from recent highs above $1,780 and tests $1,760.
  • Wall Street futures in the red, general correction in progress.

The Prayed it is falling for the second day in a row, and is away from the three-month high it hit on Tuesday at $1,786. XAUUSD broke below $1770 on Thursday and fell to $1761, the lowest since Monday.

The strength of dollar coupled with a decline in equity markets, while Treasuries are flat, make for a combination of negative factors for gold.

The XAUUSD retracement at the moment stopped above $1760, which is the critical very short-term support. If it loses that level, more bearish pressure would be expected, with a target of $1,750. A return above $1770 could change the intraday trend.

The silver it is also affected on Thursday and falls 1.75% so far on Thursday. XAGUSD fell to $20.87, the lowest in a week before bouncing and cutting losses to rise above $21.00.

The economic calendar shows US data ahead with the jobless claims report, the Philly Fed manufacturing survey, housing starts and building permits. Stated publicly by Federal Reserve officials Bownman and Jefferson.

technical levels

XAU/USD

Overview
Today’s last price 1762.25
Today Daily Change -12.07
Today Daily Change % -0.68
Today daily open 1774.32
trends
Daily SMA20 1686.4
Daily SMA50 1679.63
Daily SMA100 1713.68
Daily SMA200 1802.83
levels
Previous Daily High 1785.09
Previous Daily Low 1770.41
Previous Weekly High 1768.17
Previous Weekly Low 1664.76
Previous Monthly High 1729.58
Previous Monthly Low 1617.35
Daily Fibonacci 38.2% 1776.02
Daily Fibonacci 61.8% 1779.48
Daily Pivot Point S1 1768.12
Daily Pivot Point S2 1761.93
Daily Pivot Point S3 1753.44
Daily Pivot Point R1 1782.8
Daily Pivot Point R2 1791.29
Daily Pivot Point R3 1797.48

Source: Fx Street

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