Gold Price Analysis: XAU/USD consolidates losses near $1500/oz

XAU/USD is in consolidation mode after suffering its worst weekly decline since 1983 the week before.
Sideways price action can be expected in the short term.

Flavio Tosti Independent Analyst

XAU/USD weekly chart

Last week, gold registered the worst weekly decline since 1983, erasing the early 2020 spike up while now challenging the 50 WMA (weekly simple moving average) on the weekly chart. XAU/USD keeps consolidating losses near $1500 per troy ounce.

XAU/USD four-hour chart

A consolidation is taking place following the selloff as the metal is trading well below its main SMAs suggesting an overall bearish momentum in the medium term. The metal remains vulnerable to the downside to the1488, 1477 and 1460 levels which bulls might attempt to defend. On the flip side, bullish attempts could 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	1499.06
Today Daily Change	26.13
Today Daily Change %	1.77
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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