Gold Price Analysis: XAU/USD rebounds more than $40, rises above $1,940

  • Gold bounces sharply from two-week lows, hits two-day highs.
  • Volatility in gold soars but remains limited for some assets ahead of Jackson Hole Symposium.

Gold prices have risen more than $40 an ounce during the American session so far. XAU/USD bottomed at $1,902/oz following the release of US economic data, in line with the USD peak. From the $1,900 area, it rebounded sharply, and it is trading at $1,944, the highest level since Monday.

A retreat of the US dollar across the board triggered the rally in XAU/USD. The DXY spent most of its time in positive territory, but it failed to hold to gains. It peaked at 93.36 after the better-then-expected US Durable Goods Orders report, and now it is about to drop under 93.00.

In Wall Street, equity prices are mixed. The Nasdaq and the S&P500 hit new record highs and are up 0.95% and 0.35% respectively, but the Dow Jones losses 0.21%. Crude oil is also on a volatile session. The WTI is down marginally for the day after reaching a fresh multi-month high at $43.75.

Silver also rebounded sharply on US hours. XAG/USD found support at $26.00, and it printed daily high above $27.00. It gains 2.65%.

From a technical perspective, the recovery in gold reinforced the $1,900 area as critical short-term support. The positive intraday momentum will likely remain in place while above $1,930. The next resistance stands at $1,950/55. A consolidation above would open the door to more gains.

Technical levels


Today last price 1938.1
Today Daily Change 9.92
Today Daily Change % 0.51
Today daily open 1928.18
Daily SMA20 1972.63
Daily SMA50 1871.68
Daily SMA100 1792.11
Daily SMA200 1671.4
Previous Daily High 1937.67
Previous Daily Low 1914.4
Previous Weekly High 2015.65
Previous Weekly Low 1911.64
Previous Monthly High 1984.8
Previous Monthly Low 1757.7
Daily Fibonacci 38.2% 1923.29
Daily Fibonacci 61.8% 1928.78
Daily Pivot Point S1 1915.83
Daily Pivot Point S2 1903.48
Daily Pivot Point S3 1892.56
Daily Pivot Point R1 1939.1
Daily Pivot Point R2 1950.02
Daily Pivot Point R3 1962.37



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