Gold Price Analysis: XAU/USD drops further and approaches $1,900/oz

  • The dollar’s rally weighs on the price action of the metal.
  • ECB, US-China, Brexit could keep the downside capped.

The ounce troy of the precious metal is suffering another bout of dollar strength and is gradually grinding lower to the vicinity of the $1,900 mark on turnaround Tuesday.

In fact, the greenback is posting decent gains above the 93.00 mark when tracked by the US Dollar Index (DXY), extending the rebound from last week’s +2-year lows in the 91.80/75 band.

However, the omnipresent US-China trade effervescence coupled with rising cautiousness ahead of the ECB event (Thursday) and Brexit uncertainty could keep further pullbacks in Gold somewhat limited for the time being.

The speculative community, in the meantime, pushed net longs in the yellow metal to multi-week peaks during the week ended on September 1 and according to the CFTC Positioning Report.

Gold key levels


Today last price 1916.96
Today Daily Change -11.76
Today Daily Change % -0.61
Today daily open 1928.72
Daily SMA20 1945.43
Daily SMA50 1906.38
Daily SMA100 1815.01
Daily SMA200 1693.18
Previous Daily High 1941.46
Previous Daily Low 1924.64
Previous Weekly High 1992.42
Previous Weekly Low 1916.42
Previous Monthly High 2075.32
Previous Monthly Low 1863.24
Daily Fibonacci 38.2% 1931.07
Daily Fibonacci 61.8% 1935.03
Daily Pivot Point S1 1921.75
Daily Pivot Point S2 1914.79
Daily Pivot Point S3 1904.93
Daily Pivot Point R1 1938.57
Daily Pivot Point R2 1948.43
Daily Pivot Point R3 1955.39



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