- Risk aversion boosts US dollar and hits gold that falls below the 20-day moving average.
- Wall Street tumbles amid concerns on a resurgence in coronavirus cases.
Gold is falling sharply and is down almost two percent, even after trimming losses. XAU/USD tumbled to $1,868/oz reaching the lowest level since late-September. As of writing, it trades at $1,880 off lows as risk aversion eases across financial markets.
The Dow Jones drops 2.45% and the Nasdaq slides 2.70%. In Europe, the DAX tumbled 4.10% and the CACA 40 3.45%. The increase in coronavirus cases prompts officials across Europe to consider lockdowns measures that should weigh on the economy.
From a technical perspective, the recent decline leaves XAU/USD vulnerable to more losses. A consolidation below $1,870 would expose the next support seen at the September of $1,850. On the upside, a recovery above $1,900 would alleviate the bearish pressure. Only a rally that surpass $1,930 (downtrend line) would change the bias to bullish.
|Today last price||1877.6|
|Today Daily Change||-30.20|
|Today Daily Change %||-1.58|
|Today daily open||1907.8|
|Previous Daily High||1911.46|
|Previous Daily Low||1897.92|
|Previous Weekly High||1931.54|
|Previous Weekly Low||1894.48|
|Previous Monthly High||1992.42|
|Previous Monthly Low||1848.82|
|Daily Fibonacci 38.2%||1906.29|
|Daily Fibonacci 61.8%||1903.09|
|Daily Pivot Point S1||1899.99|
|Daily Pivot Point S2||1892.19|
|Daily Pivot Point S3||1886.45|
|Daily Pivot Point R1||1913.53|
|Daily Pivot Point R2||1919.27|
|Daily Pivot Point R3||1927.07|
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