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Gold Price Analysis: XAU/USD declines to 2-week lows, challenges $1700/oz

  • XAU/USD is erasing the most part of the monthly gains. 
  • XAU/USD is challenging key levels near the 1690/1700 price zone. 
 

XAU/USD four-hour chart

 
XAU/USD is losing considerable strength while trading below the main SMAs on the four-hour chart. Gold is slowly reversing its monthly gains while challenging the 1690/1700 price zone. If the market breaks those key levels, gold can see more weakness towards the 1660 level. Resistance can emerge near the 1720 and 1740/50 price zone. 
 
   

Additional key levels

XAU/USD

Overview
Today last price 1701.71
Today Daily Change -9.33
Today Daily Change % -0.55
Today daily open 1711.04
 
Trends
Daily SMA20 1716.43
Daily SMA50 1671.32
Daily SMA100 1629.66
Daily SMA200 1561.83
 
Levels
Previous Daily High 1735.69
Previous Daily Low 1709.09
Previous Weekly High 1765.38
Previous Weekly Low 1717.34
Previous Monthly High 1747.82
Previous Monthly Low 1568.46
Daily Fibonacci 38.2% 1719.25
Daily Fibonacci 61.8% 1725.53
Daily Pivot Point S1 1701.52
Daily Pivot Point S2 1692.01
Daily Pivot Point S3 1674.92
Daily Pivot Point R1 1728.12
Daily Pivot Point R2 1745.21
Daily Pivot Point R3 1754.72

 

 

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