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Gold Price Analysis: XAU/USD hammered down, trades in 10-week’s lows, nearing $1500/oz

  • XAU/USD is on track to record its worst weekly decline since September 2011.
  • Further weakness could be expected in the medium term. 
 

XAU/USD weekly chart

 
Gold is trading in a bull trend above the main SMAs. However, this week the market is on track to record its worst weekly decline since September 2011, erasing 10 weeks of gains in only 5 trading days. 
 

XAU/USD daily chart

  
XAU/USD slashed through the 1548/1557 support zone as it is challenging the 100 SMA on the daily chart. As bears took the market by surprise, gold can potentially extend losses towards the 1500 level near the 200 SMA with the possibility to fall further towards the 1480 and 1440 levels. Resistance can be expected near 1530 and in the 1548/1557 price zone. 
 
 
Resistance: 1530, 1548, 1557
Support: 1500, 1480, 1440
 

Additional key levels

XAU/USD

Overview
Today last price 1522
Today Daily Change -54.54
Today Daily Change % -3.46
Today daily open 1576.54
 
Trends
Daily SMA20 1626.64
Daily SMA50 1589.41
Daily SMA100 1535.07
Daily SMA200 1498.11
 
Levels
Previous Daily High 1650.6
Previous Daily Low 1560.74
Previous Weekly High 1692.34
Previous Weekly Low 1575.58
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1595.07
Daily Fibonacci 61.8% 1616.27
Daily Pivot Point S1 1541.32
Daily Pivot Point S2 1506.1
Daily Pivot Point S3 1451.46
Daily Pivot Point R1 1631.18
Daily Pivot Point R2 1685.82
Daily Pivot Point R3 1721.04

 

 

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