- Gold extends losses, hits four-day lows as market sentiment deteriorates.
- XAU/USD back near critical medium-term support around $1765.
Gold dropped further during the American session and bottomed at $1769, the lowest level since last Friday. The metal erased weekly gains and is back below $1780 as US yields keep rising.
The US 10-year yield stands at 1.479%, a new one-year high. At the same time, stocks in Wall Street turned negative. The Dow Jones is falling by 0.35% and the Nasdaq 1.20%.
The decline in gold has been limited so far on the back of a mixed US dollar. The greenback is down versus main European currencies and up against the yen. Better-than-expected US economic data did not help the greenback.
Tensions mounts ahead of critical level
Gold is back near the $1760/70 area that capped the downside in November and earlier in February. A consolidation below could open the doors to a bearish acceleration, and a potential slide toward $1700.
If XAU/USD manages to keep $1770, it could rebound and contain the weakness. On a daily close above $1815, the bearish pressure will ease significantly.
|Today last price||1775.82|
|Today Daily Change||-26.80|
|Today Daily Change %||-1.49|
|Today daily open||1802.62|
|Previous Daily High||1813.88|
|Previous Daily Low||1783.62|
|Previous Weekly High||1827.11|
|Previous Weekly Low||1760.72|
|Previous Monthly High||1959.42|
|Previous Monthly Low||1802.8|
|Daily Fibonacci 38.2%||1795.18|
|Daily Fibonacci 61.8%||1802.32|
|Daily Pivot Point S1||1786.2|
|Daily Pivot Point S2||1769.78|
|Daily Pivot Point S3||1755.94|
|Daily Pivot Point R1||1816.46|
|Daily Pivot Point R2||1830.3|
|Daily Pivot Point R3||1846.72|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.