Gold Price Analysis: XAU/USD drops $50 from record highs to the $2020 area

Gold having worst day since March as bearish correction accelerates.
US dollar recovers ground across the board, triggering XAU/USD slide.

Matías Salord FXStreet

Gold prices are falling sharply on Friday, trading below $2040/oz at the moment. Earlier on Friday, the yellow metal reached at $2075, a new record high. It then pulled back and accelerated sharply to the downside during the American session amid a rally of the US dollar.

The greenback was rising and after a short-lived retreat after the release of NFP, it resumed the upside, as a report suggests the White House will sanction Hong Kong’s leader Carrie Lam.

The US Dollar Index (DXY) jumped to 93.60, reaching the highest level since Tuesday. It is up by 0.75%, having the biggest gain in months. The greenback also rallied against commodity and emerging market currencies. In Wall Street, main stock indexes are falling modestly. The Dow Jones drops 0.19% and the Nasdaq 0.02%.

XAU/USD bottomed at $2022 and then bounced modestly to the upside. It is losing 1.25%. Other metals are experiencing more significant corrections. Silver losses 3.95% and Platinum more than 4%.

Gold levels

XAU/USD

Overview
Today last price	2028.38
Today Daily Change	-34.58
Today Daily Change %	-1.68
Today daily open	2062.96

Trends
Daily SMA20	1902.63
Daily SMA50	1809.82
Daily SMA100	1744.71
Daily SMA200	1640.28

Levels
Previous Daily High	2069.78
Previous Daily Low	2034.66
Previous Weekly High	1984.8
Previous Weekly Low	1900
Previous Monthly High	1984.8
Previous Monthly Low	1757.7
Daily Fibonacci 38.2%	2056.36
Daily Fibonacci 61.8%	2048.08
Daily Pivot Point S1	2041.82
Daily Pivot Point S2	2020.68
Daily Pivot Point S3	2006.7
Daily Pivot Point R1	2076.94
Daily Pivot Point R2	2090.92
Daily Pivot Point R3	2112.06

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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