Gold Price Analysis: XAU/USD fails to break $1850 and turns to the downside

XAU/USD losses momentum near $1850 and falls hitting fresh daily lows.
The metal is about to end a three-day positive streak, after rising more than $80 from the weekly bottom.

Matías Salord FXStreet

Gold peaked after the beginning of the American session at $1848/oz reaching the highest level since November 23 and then turned to the downside. It bottomed at $1829 and is it about to end the week hovering around $1830.

It was a volatile week for gold. From the Monday low at $1763 rose more than $80. As of writing, it is up 4% for the week. The sharp rebound mitigated the bearish pressure.

The recovery in gold was capped by the strong $1845/50 area that is a critical resistance. A break higher should lead to further gains. So far, every approximation was followed by a limited correction lower. The positive momentum will likely continue to hold while price remains above $1800. A slide below would expose the next support at $1775 and the recent low of $1764.

Gold is about to end the week higher, after losing almost $200 over the previous three weeks. The move to the upside started with a technical correction and amid profit-taking. More recently, it was the dollar’s weakness that supported the move higher.

Technical levels

XAU/USD

Overview
Today last price	1832.9
Today Daily Change	-9.36
Today Daily Change %	-0.51
Today daily open	1842.26

Trends
Daily SMA20	1850.33
Daily SMA50	1879.89
Daily SMA100	1910.72
Daily SMA200	1802.66

Levels
Previous Daily High	1844.02
Previous Daily Low	1823.77
Previous Weekly High	1876.14
Previous Weekly Low	1774.4
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1836.28
Daily Fibonacci 61.8%	1831.51
Daily Pivot Point S1	1829.35
Daily Pivot Point S2	1816.43
Daily Pivot Point S3	1809.1
Daily Pivot Point R1	1849.6
Daily Pivot Point R2	1856.93
Daily Pivot Point R3	1869.85

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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