- DXY holds onto modest losses, falling after rising during four consecutive days.
- Gold unable to hold above $1850, looks vulnerable for a test of $1830/35.
Gold is trading around the same level it closed on Monday, around $1845. The yellow metal tumbled from two-day highs above $1860 to $1836, in two hours. It then rebounded, unable to recover $1850.
Volatility in XAU/USD soared even as financial markets remained mostly quiet moving sideways. The US Dollar is falling at a modest pace. Currency pairs like EUR/USD, USD/JPY, USD/CHF and NZD/USD are moving sideways, without a clear trend. US yields continue to be a key driver. The 10-year hit 1.18% for the first time since March.
From a technical perspective, gold looks biased on the downside in the short-term, while below the $1850 zone, a confluence of an important horizontal level and the 20 and 55-hours moving averages. A recovery above would add support to the yellow metal.
The sharp reversal on Tuesday found support above $1835. A break lower would expose the recent low at $1817 that protects the $1800 zone.
|Today last price||1845.24|
|Today Daily Change||-0.02|
|Today Daily Change %||-0.00|
|Today daily open||1845.26|
|Previous Daily High||1856.82|
|Previous Daily Low||1816.96|
|Previous Weekly High||1959.42|
|Previous Weekly Low||1828.27|
|Previous Monthly High||1906.87|
|Previous Monthly Low||1775.52|
|Daily Fibonacci 38.2%||1832.19|
|Daily Fibonacci 61.8%||1841.59|
|Daily Pivot Point S1||1822.54|
|Daily Pivot Point S2||1799.82|
|Daily Pivot Point S3||1782.68|
|Daily Pivot Point R1||1862.4|
|Daily Pivot Point R2||1879.54|
|Daily Pivot Point R3||1902.26|
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