Gold Price Analysis: XAU/USD erases gains, drops to $1875 in a volatile session

Gold fails again near $1900 and reverses, erasing daily gains.
XAU/USD without a clear bias as the rebound from $1855 losses strength.

Matías Salord FXStreet

Gold is falling modestly on Monday, on a wild trading day. XAU/USD approached again during the American session the $1900 area but after reaching $1896 turned to the downside, and fell to $1875. As of writing, it trades at $1878, near the same level it closed on Thursday.

The decline took place as Wall Street indexes moved off highs and amid a rebound of the US dollar. The DXY approached daily highs, and it was capped again at 90.30. The Dow Jones is up by 0.65%, and the Nasdaq gains 0.90%. Both hit record highs levels.

Volatile price action suggests some indention ahead for gold. Price is testing the $1975 support, and a consolidation below would expose the daily low at $1869 (also Thursday’s low). Lower levels would turn the attention to the key barrier of $1850/55.

If XAU/USD posts a daily close above $1900, it would give a strong bullish sign. It would be above a critical horizontal, a psychological area and above the 100-day moving average.

Technical levels

XAU/USD

Overview
Today last price	1879.02
Today Daily Change	-0.36
Today Daily Change %	-0.02
Today daily open	1879.38

Trends
Daily SMA20	1851.38
Daily SMA50	1868.04
Daily SMA100	1897.69
Daily SMA200	1824.01

Levels
Previous Daily High	1879.38
Previous Daily Low	1879.38
Previous Weekly High	1906.87
Previous Weekly Low	1855.28
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1879.38
Daily Fibonacci 61.8%	1879.38
Daily Pivot Point S1	1879.38
Daily Pivot Point S2	1879.38
Daily Pivot Point S3	1879.38
Daily Pivot Point R1	1879.38
Daily Pivot Point R2	1879.38
Daily Pivot Point R3	1879.38

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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