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.

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

 

 

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