Gold Price Analysis: XAU/USD holds onto losses, hovering around $1775


  • Gold in ranges between $1780 and $1765.
  • Yellow metal about to post lowest daily close in five months.

Gold is falling for the second day in a row on Monday. It bottomed at $1764/oz, the lowest level in five months and then rebounded but it was unable to remain above $1780. As of writing, the metal trades at $1778, about to post the lowest close in five months.

During November, XAU/USD lost almost 6% having the worst month since 2016. It extended the bearish correction from record highs levels for the fourth consecutive month.

The slide took impulse after breaking under $1850 and it still has not found a strong support. A recovery above $1800 could point toward an interim bottom.

From a technical perspective, the short-term trend still points to the downside. Many indicators show oversold readings but no signs of a correction are seen at the moment. Under $1765, the next target stands at $1750. On the upside, the $1795/1800 is the key barrier, followed by $1818 and $1845.

Technical levels

 

XAU/USD

Overview
Today last price 1772.67
Today Daily Change -15.01
Today Daily Change % -0.84
Today daily open 1787.68
 
Trends
Daily SMA20 1870.03
Daily SMA50 1885.53
Daily SMA100 1910.3
Daily SMA200 1799.2
 
Levels
Previous Daily High 1813.89
Previous Daily Low 1774.4
Previous Weekly High 1876.14
Previous Weekly Low 1774.4
Previous Monthly High 1933.3
Previous Monthly Low 1860
Daily Fibonacci 38.2% 1789.49
Daily Fibonacci 61.8% 1798.8
Daily Pivot Point S1 1770.09
Daily Pivot Point S2 1752.5
Daily Pivot Point S3 1730.6
Daily Pivot Point R1 1809.58
Daily Pivot Point R2 1831.48
Daily Pivot Point R3 1849.07

 

 

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