Gold Price Analysis: XAU/USD flirts with immediate support line around $1,885 amid Pence-Harris faceoff

Gold prints mild losses following a U-turn from $1,887.56.
Sustained trading below 200-HMA directs the bullion to an ascending trend line from September 28.

Anil Panchal FXStreet

Gold prices drop to $1,886.46, down 0.06% intraday, amid the early Thursday’s trading. The bullion recently gained momentum as the US Vice Presidential Debate helped the US dollar while also defending the market’s risk-tone.

Follow updates here: VP debate could raise chances of a contested election and weigh on markets – Live coverage

In doing so, the yellow metal attacks an upward sloping trend line from Wednesday while staying below 200-HMA. As a result, sellers are likely to eye an eight-day-old support line, at $1,876 now, during the further declines.

In a case where the sellers dominate past-$1,876, the monthly bottom close to $1,873 will be a halt before challenging the late-September low near $1,848/49.

On the flip side, gold buyers need to cross the 200-HMA level of $1,892 with eyes on the $1,900 threshold.

Also acting as the key upside barrier is the monthly peak surrounding $1,921 that holds the gate for the metal’s run-up towards the mid-September high of $1,973.64.

Gold hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1884.76
Today Daily Change	-2.80
Today Daily Change %	-0.15%
Today daily open	1887.56

Trends
Daily SMA20	1910.14
Daily SMA50	1941.67
Daily SMA100	1858.72
Daily SMA200	1740.49

Levels
Previous Daily High	1898.05
Previous Daily Low	1873.01
Previous Weekly High	1917.16
Previous Weekly Low	1848.82
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1888.48
Daily Fibonacci 61.8%	1882.58
Daily Pivot Point S1	1874.36
Daily Pivot Point S2	1861.17
Daily Pivot Point S3	1849.32
Daily Pivot Point R1	1899.4
Daily Pivot Point R2	1911.25
Daily Pivot Point R3	1924.44

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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