Gold New York Price Forecast: XAU/USD consolidates below $1500/oz and 200-DMA

After recording its largest weekly decline since 1983 last week, XAU/USD has been consolidting this week.
More sideways could be expect in the precious metal market.

Flavio Tosti Independent Analyst

XAU/USD daily chart

Last week, XAU/USD recorded its worst weekly decline since 1983, erasing the early 2020 bull-run while now challenging the 200 DMA (daily simple moving average) on the daily chart. XAU/USD keeps consolidating losses below $1500 per troy ounce.

XAU/USD four-hour chart

XAU/USD is consolidating the selloff below 1500 while trading well below the main SMAs suggesting an overall bearish bias in the medium term. Volatility is decreasing while the market might be declining in the short term towards the 1488, 1477 and 1460 levels which bulls might try to defend. On the flip side, bullish attempts should lose steam near 1505, 1520 and 1540 price levels.

Resistance: 1505, 1520, 1540

Support: 1488, 1477, 1460

Additional key levels

XAU/USD

Overview
Today last price	1493.68
Today Daily Change	20.75
Today Daily Change %	1.41
Today daily open	1472.93

Trends
Daily SMA20	1603.25
Daily SMA50	1584.08
Daily SMA100	1535.45
Daily SMA200	1502.41

Levels
Previous Daily High	1501.2
Previous Daily Low	1464.3
Previous Weekly High	1703.4
Previous Weekly Low	1504.72
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1478.4
Daily Fibonacci 61.8%	1487.1
Daily Pivot Point S1	1457.75
Daily Pivot Point S2	1442.58
Daily Pivot Point S3	1420.85
Daily Pivot Point R1	1494.65
Daily Pivot Point R2	1516.38
Daily Pivot Point R3	1531.55

Author

Flavio Tosti

Independent Analyst

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