Gold Price Analysis: XAU/USD heads for lowest weekly close since June despite Friday’s recovery


  • Gold bounced on Friday, and managed to recover level above $1770.
  • Higher US yields continue to pressure the yellow metal.

After staging a sharp recovery from the lowest levels in seven months, gold prices are higher on Friday. XAU/USD bottomed at $1760/oz during the Asian session and then rebound. It peaked at $1790 after the beginning of the American session.

Near the end of the week, the metal is hovering around $1780, about to post the lowest weekly close since July and down by 2.35%.

Still weak, but also showing positive signs

Gold was able to recover after testing level under the important technical level of $1765/70. A consolidation below would clear the way to more losses. Also, on Friday, XAU/USD could post the first daily gain after a week of consecutive declines. From a technical perspective, a consolidation above $1790 would improve the bullish outlook for the metal.

Still, the recovery seems limited, and the pressure continues to favor the downside. The decline of the US dollar and the improvement in risk sentiment was offset by rising US yield. On Friday, the 10-year US yield climbed to 1.35%, the highest level in a year.

Technical levels

XAU/USD

Overview
Today last price 1783.54
Today Daily Change 8.80
Today Daily Change % 0.50
Today daily open 1774.74
 
Trends
Daily SMA20 1826.92
Daily SMA50 1854.34
Daily SMA100 1865.24
Daily SMA200 1858.94
 
Levels
Previous Daily High 1789.76
Previous Daily Low 1768.46
Previous Weekly High 1855.5
Previous Weekly Low 1807.86
Previous Monthly High 1959.42
Previous Monthly Low 1802.8
Daily Fibonacci 38.2% 1781.62
Daily Fibonacci 61.8% 1776.6
Daily Pivot Point S1 1765.55
Daily Pivot Point S2 1756.35
Daily Pivot Point S3 1744.25
Daily Pivot Point R1 1786.85
Daily Pivot Point R2 1798.95
Daily Pivot Point R3 1808.15

 

 

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