Gold extends retreat from weekly highs, falls below $1410


  • Risk appetite and higher US yields weigh on XAU/USD. 
  • Gold falls more than $15, cuts to half yesterday’s gains. 

Gold prices are falling significantly on Thursday amid a recovery of the US Dollar supported by higher US yields. Risk appetite weighs on the metal and also on JPY and CHF. 

During the Asian session, gold reached a 1-week high at $1426.90/oz. After spending a few hours above $1420 it broke lower and accelerated to the downside. US inflation data also added pressure. During the American session bottomed at $1408 and as of writing it is hovering around $1410, down almost $15 from yesterday’s close. 

Today’s slide cut to half Wednesday’s gains when it jumped from $1394 after Fed’s Chair Powell comments that reinforced rate cut expectations. US yields on Thursday are rising significantly back to yesterday’s highs. The 10-year stands at 2.10% after opening the day at 2.04%. In Wall Street, the DOW JONES gains 0.75%, and the S&P 500 trades at 3,000 up 0.24%, near all-time-highs. 

Limited under $1,425

From a technical perspective, the area around $1,420/25 continues to be a critical resistance. XAU/USD traded on top, but it failed to post a daily close above. If it manages to consolidate at higher levels, it would point to further gains. On the flip side, $1,405 and $1,399 are the immediate support levels. The critical one stands at $1,391 the 20-day moving average. A close below could trigger further corrective moves. 

XAU/USD

Overview
Today last price 1410.76
Today Daily Change -8.20
Today Daily Change % -0.58
Today daily open 1418.96
 
Trends
Daily SMA20 1356.57
Daily SMA50 1311.69
Daily SMA100 1308.19
Daily SMA200 1277.51
Levels
Previous Daily High 1419
Previous Daily Low 1390.08
Previous Weekly High 1436.2
Previous Weekly Low 1382.02
Previous Monthly High 1438.66
Previous Monthly Low 1306.18
Daily Fibonacci 38.2% 1407.95
Daily Fibonacci 61.8% 1401.12
Daily Pivot Point S1 1399.69
Daily Pivot Point S2 1380.42
Daily Pivot Point S3 1370.76
Daily Pivot Point R1 1428.62
Daily Pivot Point R2 1438.27
Daily Pivot Point R3 1457.54

 

 

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