Gold Price Analysis: XAU/USD erases gains despite dollar’s weakness

XAU/USD spiked lower to $1823 and then rebounded.
The rally from monthly lows remains in place, momentum eases.

Matías Salord FXStreet

Gold pulled back from weekly highs and dropped to $1823/oz, reaching a fresh daily low. It then rebounded, and as of writing, it trades at $1830, around the same level it closed on Wednesday.

The rally in XAU/USD from multi-month lows appears to be losing strength even as the US dollar tumbles across the board. The DXY dropped to 90.48, the lowest level in two years.

The area around $1845, slightly below the $1850 level that was a key support prior to the sell-off to $1765, capped the upside. The band $1845/50 is a key resistance that if broken, should clear the way to more gains.

On the downside, now $1820 is the immediate support followed by $1800. A slide of XAU/USD below $1800 would add pressure, leaving the metal vulnerable to more losses.

Technical levels

XAU/USD

Overview
Today last price	1830.46
Today Daily Change	2.06
Today Daily Change %	0.11
Today daily open	1828.4

Trends
Daily SMA20	1855.68
Daily SMA50	1880.4
Daily SMA100	1910.27
Daily SMA200	1801.63

Levels
Previous Daily High	1832.52
Previous Daily Low	1807.55
Previous Weekly High	1876.14
Previous Weekly Low	1774.4
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1822.98
Daily Fibonacci 61.8%	1817.09
Daily Pivot Point S1	1813.13
Daily Pivot Point S2	1797.85
Daily Pivot Point S3	1788.16
Daily Pivot Point R1	1838.1
Daily Pivot Point R2	1847.79
Daily Pivot Point R3	1863.07

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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