Gold Price Analysis: XAU/USD holds onto 100-DMA support ahead of the NFP week

Gold looks south, with the focus on the key 100-DMA support.
$1932/42 zone is the level to beat for the bulls.
Focus on US NFP release for the next direction in gold.

Dhwani Mehta FXStreet

Following the 4.5% weekly loss, Gold (XAU/USD) has locked itself in a $100 range stepping into the critical US Non-Farm Payrolls week, as depicted by the daily chart.

The metal fell to the lowest in two months last week after it faced rejection at the two-month-long falling trendline resistance on several occasions. Adding credence to the breakdown, the 21-day Simple Moving Average (DMA) pierced the 50-DMA from above.

The bright metal delivered a weekly closing at $1862, although remained well above the 100-day Simple Moving Average (DMA) at $1845. Note that the price bounced-off the latter for the second straight day on Friday, allowing for a tepid rebound in the coming week.

However, the bulls need to recapture the immediate hurdle around $1875 for the recovery to gain momentum.

Further north, the confluence zone of the 21 and 50-DMA around $1932/42 is the level to beat for the bulls

On the flip side, a daily closing below the 100-DMA could trigger a sharp sell-off towards the next support at the horizontal trendline at $1791.

The 14-day Relative Strength Index (RSI) has turned flat while holding just above the oversold territory, suggesting that there is further scope to the downside.

Although, Friday’s US NFP report will be a key event risk to determine the next direction in gold prices.

Gold: Daily chart

Gold Additional levels

XAU/USD

Overview
Today last price	1861.76
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	1861.76

Trends
Daily SMA20	1930.4
Daily SMA50	1942.58
Daily SMA100	1845.41
Daily SMA200	1724.82

Levels
Previous Daily High	1875.23
Previous Daily Low	1852.46
Previous Weekly High	1955.66
Previous Weekly Low	1848.84
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1861.16
Daily Fibonacci 61.8%	1866.53
Daily Pivot Point S1	1851.07
Daily Pivot Point S2	1840.38
Daily Pivot Point S3	1828.3
Daily Pivot Point R1	1873.84
Daily Pivot Point R2	1885.92
Daily Pivot Point R3	1896.61

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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