- The XAU / USD extended the gains and hit a fresh two-day high at $ 1,880.
- Gold is heading to the lowest weekly close since September.
Gold jumped from $ 1,867 to $ 1,880 / oz, reaching the highest level in two days. From the roof it receded and at time of writing the metal is trading at $ 1,875, up $ 10 per day, but still bearish for the week.
The XAU / USD it is poised to post the lowest weekly close since September, holding firm below the 20-week moving average. It continues to test the key support around $ 1,850 which if broken should clear the way for further losses and probably increased volatility.
The weaker US dollar and higher stock prices did not help gold during the week. Neither did lower US yields.
Optimism about the coronavirus vaccine and technicalities could be seen as a key reason for the bearish bias in the metal. Next week will be the preview of a busy December with rising expectations for more fiscal and monetary stimulus from central banks that could limit gold’s losses or even boost the metal.
The key XAU / USD level on the downside is the $ 1,850 area and on the upside, strong resistance is seen at $ 1,930; a break above $ 1,960 should clear the way for a return to $ 2,000.
Technical levels
XAU / USD
| Panorama | |
|---|---|
| Today’s Last Price | 1872.26 |
| Today’s Daily Change | 5.52 |
| Today’s Daily Change% | 0.30 |
| Today’s Daily Opening | 1866.74 |
| Trends | |
|---|---|
| SMA of 20 Daily | 1890.76 |
| SMA of 50 Daily | 1901.22 |
| SMA of 100 Daily | 1908.78 |
| 200 SMA Daily | 1792.47 |
| Levels | |
|---|---|
| Daily Preview Maximum | 1874.12 |
| Daily Previous Minimum | 1852.8 |
| Weekly Preview Maximum | 1965.58 |
| Weekly Prior Minimum | 1850.56 |
| Monthly Previous Maximum | 1933.3 |
| Minimum Previous Monthly | 1860 |
| Daily Fibonacci 38.2% | 1860.94 |
| Fibonacci Daily 61.8% | 1865.98 |
| Daily Pivot Point S1 | 1854.99 |
| Daily Pivot Point S2 | 1843.23 |
| Daily Pivot Point S3 | 1833.67 |
| Daily Pivot Point R1 | 1876.31 |
| Daily Pivot Point R2 | 1885.87 |
| Daily Pivot Point R3 | 1897.63 |
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