Gold Price Analysis: XAU/USD rebounds and prints a new multi-year high above $1890


  • The US dollar weakened again and helped XAU/USD rise toward new highs.
  • Gold’s bullish momentum remains intact despite overbought readings.

The rebound of the US dollar was short-lived and near the London fix it resumed the decline, sending XAU/USD to $1,891/oz, the new cycle high. The yellow metal is hovering around $1,890, levels last seen back in 2011.

The US Dollar Index (DXY) turned again to the downside and printed a fresh four-month low below 94.80. It is falling by 0.20% and is about to test the 2020 intraday low reached on March 9 at 94.65. If it breaks below that level, it would be trading at the lowest since September 2018. The demand for gold is receiving an extra impulse from a weaker US dollar.

Gold is extending the bullish trend that remains intact, with no signs of a correction. Above $1,890, a test of $1,900 seems likely. Volatility could rise if the mentioned level is reached. Above, the next target would be the all-time high near $1,920.

XAU/USD is extending gains despite the pullback in other commodities. Silver (XAG/USD) is falling 0.40%, after being rejected from above 23.00, but it is moving off lows.

Gold levels

XAU/USD

Overview
Today last price 1886.55
Today Daily Change 14.43
Today Daily Change % 0.77
Today daily open 1872.12
 
Trends
Daily SMA20 1798.17
Daily SMA50 1756.56
Daily SMA100 1703.64
Daily SMA200 1613.92
 
Levels
Previous Daily High 1872.16
Previous Daily Low 1840.66
Previous Weekly High 1815.1
Previous Weekly Low 1790.42
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1860.13
Daily Fibonacci 61.8% 1852.69
Daily Pivot Point S1 1851.13
Daily Pivot Point S2 1830.15
Daily Pivot Point S3 1819.63
Daily Pivot Point R1 1882.63
Daily Pivot Point R2 1893.15
Daily Pivot Point R3 1914.13

 

 

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