Gold Price Analysis: XAU/USD looks directionless around $1,900/oz

  • Gold alternates gains with losses around the $1,900 area.
  • The 100-day SMA near $1,870 holds the monthly downside so far.
  • Inconclusive price action in the dollar weighs on the yellow metal.

Gold prices trade without a clear direction at the end of the week, although they manage well to keep business above/around the key $1,900 mark per ounce.

In fact, gold is reversing two consecutive weeks with gains after bottoming out in the area of multi-week lows near $1,850 in mid-September. On the other hand, a strong barrier has turned up around $1,930.

The precious metal, in the meantime, continues to look to developments from the US political arena, particularly headlines around a potential stimulus package to fight the second wave of the coronavirus pandemic, which is already hurting the prospects of global recovery.

The better mood in the greenback throughout this week has been also weighing on the demand for the safe haven metal. The dollar, however, failed to extend the rally further and faltered ahead of the key 94.00 barrier when gauged by the US Dollar Index (DXY).

Gold key levels

As of writing Gold is losing 0.11% at $1,906.59 and faces the next support at $1,882.60 (weekly low Oct.14) followed by $1,873.05 (monthly low Oct.7) and then $1,848.66 (monthly low Sep.24). On the upside, a breakout of $1,933.28 (monthly high Oct.12) would expose $1992,63 (monthly high Sep1) and finally $2,015.65 (high Aug.18).


Today last price 1906
Today Daily Change 11
Today Daily Change % -0.14
Today daily open 1908.7
Daily SMA20 1897.6
Daily SMA50 1930.02
Daily SMA100 1869.92
Daily SMA200 1751.27
Previous Daily High 1909.02
Previous Daily Low 1889.64
Previous Weekly High 1930.62
Previous Weekly Low 1873.01
Previous Monthly High 1992.42
Previous Monthly Low 1848.82
Daily Fibonacci 38.2% 1901.62
Daily Fibonacci 61.8% 1897.04
Daily Pivot Point S1 1895.89
Daily Pivot Point S2 1883.07
Daily Pivot Point S3 1876.51
Daily Pivot Point R1 1915.27
Daily Pivot Point R2 1921.83
Daily Pivot Point R3 1934.65



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