Gold Price Analysis: XAU/USD extends losses after largest weekly decline since 1983

XAU/USD recorded its largest weekly decline since 1983 last week.
Further downside could be on the cards.

Flavio Tosti Independent Analyst

XAU/USD weekly chart

Gold suffered its worst weekly decline since 1983 last week, erasing the 2020 gains and challenging the 50 SMA on the weekly chart.

XAU/USD daily chart

The market remains on the back foot with extreme volatility while testing the 1500 mark and the 200 SMA on the daily chart. Gold stays vulnerable but bears need to overcome the 1480 support on a daily basis to reach 1440 on the way down. Resistance can be expected near 1530 and in the 1548/1557 price zone.

Resistance: 1530, 1548, 1557

Support: 1500, 1480, 1440

Additional key levels

XAU/USD

Overview
Today last price	1498.12
Today Daily Change	-32.24
Today Daily Change %	-2.11
Today daily open	1530.36

Trends
Daily SMA20	1624.02
Daily SMA50	1589.04
Daily SMA100	1535.33
Daily SMA200	1499.05

Levels
Previous Daily High	1598.08
Previous Daily Low	1504.72
Previous Weekly High	1703.4
Previous Weekly Low	1504.72
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1540.38
Daily Fibonacci 61.8%	1562.42
Daily Pivot Point S1	1490.69
Daily Pivot Point S2	1451.03
Daily Pivot Point S3	1397.33
Daily Pivot Point R1	1584.05
Daily Pivot Point R2	1637.75
Daily Pivot Point R3	1677.41

Author

Flavio Tosti

Independent Analyst

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