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Gold New York Price Forecast: XAU/USD consolidates below $1500/oz and 200-DMA

  • After recording its largest weekly decline since 1983 last week, XAU/USD has been consolidting this week.
  • More sideways could be expect in the precious metal market. 
 
 

XAU/USD daily chart

 
Last week, XAU/USD recorded its worst weekly decline since 1983, erasing the early 2020 bull-run while now challenging the 200 DMA (daily simple moving average) on the daily chart. XAU/USD keeps consolidating losses below $1500 per troy ounce.
 

XAU/USD four-hour chart

 
XAU/USD is consolidating the selloff below 1500 while trading well below the main SMAs suggesting an overall bearish bias in the medium term. Volatility is decreasing while the market might be declining in the short term towards the 1488, 1477 and 1460 levels which bulls might try to defend. On the flip side, bullish attempts should lose steam near 1505, 1520 and 1540 price levels. 
 
 
Resistance: 1505, 1520, 1540
Support: 1488, 1477, 1460
 

Additional key levels

XAU/USD

Overview
Today last price 1493.68
Today Daily Change 20.75
Today Daily Change % 1.41
Today daily open 1472.93
 
Trends
Daily SMA20 1603.25
Daily SMA50 1584.08
Daily SMA100 1535.45
Daily SMA200 1502.41
 
Levels
Previous Daily High 1501.2
Previous Daily Low 1464.3
Previous Weekly High 1703.4
Previous Weekly Low 1504.72
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1478.4
Daily Fibonacci 61.8% 1487.1
Daily Pivot Point S1 1457.75
Daily Pivot Point S2 1442.58
Daily Pivot Point S3 1420.85
Daily Pivot Point R1 1494.65
Daily Pivot Point R2 1516.38
Daily Pivot Point R3 1531.55

 

 

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