Gold Price Analysis: XAU/USD hammered down, trades in 10-week’s lows, nearing $1500/oz

XAU/USD is on track to record its worst weekly decline since September 2011.
Further weakness could be expected in the medium term.

Flavio Tosti Independent Analyst

XAU/USD weekly chart

Gold is trading in a bull trend above the main SMAs. However, this week the market is on track to record its worst weekly decline since September 2011, erasing 10 weeks of gains in only 5 trading days.

XAU/USD daily chart

XAU/USD slashed through the 1548/1557 support zone as it is challenging the 100 SMA on the daily chart. As bears took the market by surprise, gold can potentially extend losses towards the 1500 level near the 200 SMA with the possibility to fall further towards the 1480 and 1440 levels. 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	1522
Today Daily Change	-54.54
Today Daily Change %	-3.46
Today daily open	1576.54

Trends
Daily SMA20	1626.64
Daily SMA50	1589.41
Daily SMA100	1535.07
Daily SMA200	1498.11

Levels
Previous Daily High	1650.6
Previous Daily Low	1560.74
Previous Weekly High	1692.34
Previous Weekly Low	1575.58
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1595.07
Daily Fibonacci 61.8%	1616.27
Daily Pivot Point S1	1541.32
Daily Pivot Point S2	1506.1
Daily Pivot Point S3	1451.46
Daily Pivot Point R1	1631.18
Daily Pivot Point R2	1685.82
Daily Pivot Point R3	1721.04

Author

Flavio Tosti

Independent Analyst

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