Slobodan Drvenica
Windsor Brokers
XAU/USD
Spot gold price fell below $1800 level on Friday, on fresh bearish acceleration that extends into fifth straight day.
The yellow metal came under pressure from higher dollar, as well as prospects of higher interest rates in the US and India’s increase of import tax hike that hurt its safe-haven appeal.
Strong bears are also on track for the third consecutive weekly loss (around 2.5% drop this week) that adds to negative near-term outlook.
Clear break of $1800 level after several failures recently would add to bearish signals from negative daily technical studies and open way for further weakness.
Key support at $1680 zone (Mar/Apr higher base/Fibo 38.2% of $1046/$2074 rise) is coming in focus and break here would spark stronger acceleration lower on completion of a double-top ($2070/$2074).
Former low at $1805 marks initial resistance, followed by falling 10DMA ($1821) and 20DMA/broken Fibo 23.6% ($1832), guarding upper pivot at $1844 (200DMA).
Res: 1800; 1805; 1821; 1832.
Sup: 1764; 1753; 1740; 1729.
Interested in XAU/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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