Gold Price Analysis: XAU/USD drops sharply to $1550/oz

Gold is trading in the New York session below the 1558/1555 resistance zone.
The level to beat for bears is the 1550 support.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is trading in a bull trend above its main daily simple moving averages (SMAs). After a failure at the 1600 mark earlier in the month, the metal is now in consolidation mode.

Gold four-hour chart

Gold is retracing down challenging the 1550 support and the 100 SMA on the four-hour chart. If the markets break below the 1550 level it can continue to decline towards the 1537 support level.

Gold 30-minute chart

The market is trading below the main SMAs suggesting a bearish momentum in the near term. The bullish bias got invalidated below the 1558/1555 price zone as it lead to a deeper retracement towards the 1550 level as expected. The market could remain under selling pressure in the near term with a hard time to recover above the 1558/1555 price zone.

Additional key levels

XAU/USD

Overview
Today last price	1552.33
Today Daily Change	-8.23
Today Daily Change %	-0.53
Today daily open	1560.56

Trends
Daily SMA20	1538.85
Daily SMA50	1496.89
Daily SMA100	1497.46
Daily SMA200	1438.73

Levels
Previous Daily High	1562.78
Previous Daily Low	1556.4
Previous Weekly High	1562
Previous Weekly Low	1536.35
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1560.34
Daily Fibonacci 61.8%	1558.84
Daily Pivot Point S1	1557.05
Daily Pivot Point S2	1553.54
Daily Pivot Point S3	1550.67
Daily Pivot Point R1	1563.42
Daily Pivot Point R2	1566.29
Daily Pivot Point R3	1569.8

Author

Flavio Tosti

Independent Analyst

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