Gold Price Analysis: XAU/USD extends daily slide, next support aligns at $1,818

XAU/USD falls sharply during the American trading hours.
Next near-term support for gold could be seen at $1,818.
RSI indicator on the one-hour chart dropped below 30.

Eren Sengezer FXStreet

The XAU/USD pair came under heavy selling pressure during the European trading hours and dropped to a daily low of $1,823. Renewed USD strength amid rising US Treasury bond yields seems to be weighing on XAU/USD, which was last seen losing 1% on the day at $1,825.

Gold technical outlook

With the latest decline, gold price fell below both the 100-hour and 200-hour SMAs and sellers could look to remain in control of XAU/USD's action unless the pair manages to reclaim those levels. Meanwhile, the Relative Strength Index (RSI) indicator on the same chart retreated below 30, suggesting that there could be a technical correction before the next leg down.

$1,830/33 (100-hour SMA/200-hour SMA) aligns as the initial resistance ahead of $1,840 (50-hour SMA) and $1,855 (daily high).

On the downside, $1,818 (static level) could be seen as the next target in case the bearish momentum remains intact. Below that level, next support is located at $1,810.

Additional levels to watch for

XAU/USD

Overview
Today last price	1824.34
Today Daily Change	-18.28
Today Daily Change %	-0.99
Today daily open	1842.62

Trends
Daily SMA20	1840.87
Daily SMA50	1859.87
Daily SMA100	1870.14
Daily SMA200	1856.22

Levels
Previous Daily High	1855.5
Previous Daily Low	1834.14
Previous Weekly High	1871.9
Previous Weekly Low	1785.02
Previous Monthly High	1959.42
Previous Monthly Low	1802.8
Daily Fibonacci 38.2%	1847.34
Daily Fibonacci 61.8%	1842.3
Daily Pivot Point S1	1832.67
Daily Pivot Point S2	1822.73
Daily Pivot Point S3	1811.31
Daily Pivot Point R1	1854.03
Daily Pivot Point R2	1865.45
Daily Pivot Point R3	1875.39

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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