Gold Price Analysis: XAU/USD softer, challenges the $1,850 mark
|- The precious metal flirts with the key support in the $1,850 area.
- A better sentiment in the dollar weighs on gold.
The yellow metal extends the weekly leg lower and navigates at shouting distance from the key support area near $1,850 per ounce troy.
The better note around the greenback puts the metal under pressure and forces it to grind lower for the fourth consecutive session on Thursday in spite of the corrective downside in yields of the US 10-year reference.
The dollar manages to regain the smile after recent bearish sessions and despite the US calendar showed Initial Claims rising by 742K WoW and the Philly Fed index easing to 26.3 in November (from 32.2). The reading, however, came in above estimates.
Gold key levels
As of writing Gold is retreating 0.65% at $1,859.87 and faces the next support at $1,850.62 (monthly low Nov.9) seconded by $1,848.66 (monthly low Sep.26) and then $1,792.53 (200-day SMA). On the upside, a surpass of $1,899.05 (weekly high Nov.16) would expose $1,933.28 (monthly high Oct.12) and finally $1965,55 (monthly high Nov.9).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.