- XAU / USD loses momentum near $ 1,850 and falls to new daily lows.
- The metal is about to end a three-day positive streak, after surging more than $ 80 from the weekly low.
The oro it peaked after the start of the US session at $ 1,848 / oz reaching the highest level since November 23 and then turned lower. It bottomed at $ 1,829 and is about to end the week at around $ 1,830.
It was a volatile week for gold. From Monday’s low of $ 1,763 it rose more than $ 80. As of writing, it’s up 4% for the week. The strong rebound mitigated the downward pressure.
Gold’s recovery was limited by the strong $ 1,845 / 50 zone which is critical resistance. A breakout to the upside should lead to higher gains. So far, each approximation was followed by a lower bound correction. The positive momentum is likely to remain as long as the price remains above $ 1,800. A fall below would expose the next support at $ 1,775 and the recent low of $ 1,764.
Gold is about to end the week on the rise, after losing nearly $ 200 during the previous three weeks. The bullish move started with a technical correction and in the middle of profit taking. More recently, it was a weak dollar that supported the bullish move.
Technical levels
XAU / USD
| Panorama | |
|---|---|
| Today’s Last Price | 1834.28 |
| Today’s Daily Change | -7.98 |
| Today’s Daily Change% | -0.43 |
| Today’s Daily Opening | 1842.26 |
| Trends | |
|---|---|
| SMA of 20 Daily | 1850.33 |
| SMA of 50 Daily | 1879.89 |
| SMA of 100 Daily | 1910.72 |
| 200 SMA Daily | 1802.66 |
| Levels | |
|---|---|
| Daily Preview Maximum | 1844.02 |
| Daily Previous Minimum | 1823.77 |
| Weekly Preview Maximum | 1876.14 |
| Weekly Prior Minimum | 1774.4 |
| Monthly Previous Maximum | 1965.58 |
| Minimum Previous Monthly | 1764.6 |
| Daily Fibonacci 38.2% | 1836.28 |
| Fibonacci Daily 61.8% | 1831.51 |
| Daily Pivot Point S1 | 1829.35 |
| Daily Pivot Point S2 | 1816.43 |
| Daily Pivot Point S3 | 1809.1 |
| Daily Pivot Point R1 | 1849.6 |
| Daily Pivot Point R2 | 1856.93 |
| Daily Pivot Point R3 | 1869.85 |
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