Gold Price Analysis: XAU/USD eyes 50-HMA support at $1912 after bearish breakdown

Gold looks to extend the retreat from two-week highs.
Technical set up remains in favor of bears in the near-term.
50-HMA at $1912 offers immediate cushion.

Dhwani Mehta FXStreet

Gold (XAU/USD) drops 0.50% so far this Monday, reversing Friday’s surge to two-week highs of $1930 amid a broad US dollar rebound and a technical breakdown on the hourly chart.

The bright metal charted a symmetrical triangle breakdown in the last hour, following a close below the rising trendline support at $1924.

The move lower calls for a test of the next downside target aligned at the upward-sloping 50-hourly moving average (HMA) at $1912. A break below which could open floors for a test of the $1901 fierce support. That level is the converge of the horizontal 100 and 200-HMAs.

The hourly Relative Strength Index (RSI) peeps into the bearish region below the midline, suggesting that there is more room to the downside.

Alternatively, the 21-HMA at $1927 could cap the immediate pullback. Further north, the bulls could challenge the two-week highs.

XAU/USD: Hourly chart

XAU/USD: Additional levels

XAU/USD

Overview
Today last price	1920.25
Today Daily Change	-7.99
Today Daily Change %	-0.41
Today daily open	1930.25

Trends
Daily SMA20	1907.07
Daily SMA50	1939.5
Daily SMA100	1862.34
Daily SMA200	1744.38

Levels
Previous Daily High	1930.62
Previous Daily Low	1893.72
Previous Weekly High	1930.62
Previous Weekly Low	1873.01
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1916.52
Daily Fibonacci 61.8%	1907.82
Daily Pivot Point S1	1905.77
Daily Pivot Point S2	1881.3
Daily Pivot Point S3	1868.87
Daily Pivot Point R1	1942.67
Daily Pivot Point R2	1955.1
Daily Pivot Point R3	1979.57

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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