Gold Price Analysis: XAU/USD declines to 2-week lows, challenges $1700/oz

XAU/USD is erasing the most part of the monthly gains.
XAU/USD is challenging key levels near the 1690/1700 price zone.

Flavio Tosti Independent Analyst

XAU/USD four-hour chart

XAU/USD is losing considerable strength while trading below the main SMAs on the four-hour chart. Gold is slowly reversing its monthly gains while challenging the 1690/1700 price zone. If the market breaks those key levels, gold can see more weakness towards the 1660 level. Resistance can emerge near the 1720 and 1740/50 price zone.

Additional key levels

XAU/USD

Overview
Today last price	1701.71
Today Daily Change	-9.33
Today Daily Change %	-0.55
Today daily open	1711.04

Trends
Daily SMA20	1716.43
Daily SMA50	1671.32
Daily SMA100	1629.66
Daily SMA200	1561.83

Levels
Previous Daily High	1735.69
Previous Daily Low	1709.09
Previous Weekly High	1765.38
Previous Weekly Low	1717.34
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1719.25
Daily Fibonacci 61.8%	1725.53
Daily Pivot Point S1	1701.52
Daily Pivot Point S2	1692.01
Daily Pivot Point S3	1674.92
Daily Pivot Point R1	1728.12
Daily Pivot Point R2	1745.21
Daily Pivot Point R3	1754.72

Author

Flavio Tosti

Independent Analyst

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