Gold Price Analysis: XAU/USD refreshes intraday low below $1,800 but buyers can stay hopeful


  • Gold fizzles the previous day’s strong upside momentum.
  • 100-day SMA, two-week-old horizontal resistance limit immediate upside.
  • 21-day SMA, $1,760–55 will test the short-term bears.

Gold drops to the day's fresh low of $1,790.71, down 0.13% on a day, during Tuesday’s Asian session. In doing so, the yellow metal eases below the key $1,800 resistance amid the recently weakening Momentum indicator.

Sellers seem to attack 38.2% Fibonacci retracement of January–March downside, near $1,785, a break of which will extend the latest pullback towards 21-day SMA level close to $1,766.

However, any further downside will be challenged by the broad support zone comprising multiple levels since late February around $1,760–55.

Meanwhile, further upside needs to provide a daily closing beyond the $1,800 threshold to attack late February tops surrounding $1,816 and 50% Fibonacci retracement level near $1,819.

In a case where gold remains firm above $1,819, 61.8% Fibonacci retracement level close to $1,851 and February’s high of $1,855.50 will be the key to watch.

Gold daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1791.16
Today Daily Change -1.78
Today Daily Change % -0.10%
Today daily open 1792.94
 
Trends
Daily SMA20 1765.58
Daily SMA50 1745.5
Daily SMA100 1799.34
Daily SMA200 1854.8
 
Levels
Previous Daily High 1798.02
Previous Daily Low 1766.17
Previous Weekly High 1790.03
Previous Weekly Low 1756.18
Previous Monthly High 1797.93
Previous Monthly Low 1705.84
Daily Fibonacci 38.2% 1785.85
Daily Fibonacci 61.8% 1778.34
Daily Pivot Point S1 1773.4
Daily Pivot Point S2 1753.86
Daily Pivot Point S3 1741.55
Daily Pivot Point R1 1805.25
Daily Pivot Point R2 1817.56
Daily Pivot Point R3 1837.1

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 

EUR/USD News

GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 

GBP/USD News

XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Forex MAJORS

Cryptocurrencies

Signatures