- Gold finds support, for now, at the $1800.
- US dollar remains under pressure amid risk appetite.
XAU/USD is falling for the second day in a row extending the correction from record-high levels. Recently bottomed at $1,800/oz, the lowest level since mid-July. The area around $1,800 capped the downside for now, as the bearish pressure is still elevated.
As of writing, XAU/USD stands at $1,805 down almost $70 from the level it had at the beginning of the week. Gold remains under pressure amid risk appetite, following positive news about COVID-19 vaccines and about the US presidential transition.
Also, US economic data contribute to the decline in gold. On Monday, the Markit PMI report triggered a sharp rally of the US dollar and pushed the metal under $1,850, leaving it vulnerable to more losses.
The bearish momentum remains intact on gold, but the $1,800 are might offer support; so far it held after being tested several times over the last hours. A break lower could trigger more volatility. The next strong supports might be seen at $1,785 and $1,750. On the upside, now $1,820 is the immediate resistance followed by $1,850.
|Today last price||1802.7|
|Today Daily Change||-33.42|
|Today Daily Change %||-1.82|
|Today daily open||1836.12|
|Previous Daily High||1876.14|
|Previous Daily Low||1831.01|
|Previous Weekly High||1899.14|
|Previous Weekly Low||1852.8|
|Previous Monthly High||1933.3|
|Previous Monthly Low||1860|
|Daily Fibonacci 38.2%||1848.25|
|Daily Fibonacci 61.8%||1858.9|
|Daily Pivot Point S1||1819.37|
|Daily Pivot Point S2||1802.63|
|Daily Pivot Point S3||1774.24|
|Daily Pivot Point R1||1864.5|
|Daily Pivot Point R2||1892.89|
|Daily Pivot Point R3||1909.63|
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