Gold extends slide, hits one-week lows near $1715


  • A stronger US dollar amid a reversal in Wall Street weighs on gold.
  • XAU/USD having the worst day in a month, eyes on the 20-day SMA.

Gold prices turned sharply lower on Monday during the American session. XAU/USD dropped below $1730/oz and tumbled to $1716, reaching the lowest level in a week.

The move lower took place as equity prices in Wall Street turned negative and following a rally of the US dollar. The greenback was falling across the board but rebounded. The DXY erased daily losses in an hour and rose to 99.50. Tensions between the US and China are keeping stocks under pressure as the first headlines from the National People’s Congress kicks off.

Technical levels

The decline of XAU/USD was capped so far above the 20-day simple moving average that stands at $1714. A consolidation below would likely increase the bearish pressure. The next support stands at $1696. On the upside, now $1730 is the immediate resistance and then $1741.

The main trend in gold remains bullish, but the momentum is fading as it heads for the worst daily slide in a month.

 

XAU/USD

Overview
Today last price 1721.49
Today Daily Change -27.45
Today Daily Change % -1.57
Today daily open 1748.94
 
Trends
Daily SMA20 1715.53
Daily SMA50 1658.42
Daily SMA100 1622.26
Daily SMA200 1557.58
 
Levels
Previous Daily High 1754.04
Previous Daily Low 1742.74
Previous Weekly High 1751.8
Previous Weekly Low 1690.05
Previous Monthly High 1747.82
Previous Monthly Low 1568.46
Daily Fibonacci 38.2% 1749.72
Daily Fibonacci 61.8% 1747.06
Daily Pivot Point S1 1743.11
Daily Pivot Point S2 1737.27
Daily Pivot Point S3 1731.81
Daily Pivot Point R1 1754.41
Daily Pivot Point R2 1759.87
Daily Pivot Point R3 1765.71

 

 

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