Gold Price Analysis: XAU/USD retreats after approaching $1750

Higher US inflation lifts gold from weekly lows.
XAU/USD unable to reach $1750, trims gains.

Matías Salord FXStreet

Gold prices are on a volatile session after bouncing from a one-week low to a two-day high in a few hours. On European hours, XAU/USD bottomed at $1723/oz, the lowest since April 4, and recently reached $1749. As of writing, the metal is hovering around $1740, up ten dollars for the day.

The sharp rebound started following US inflation data. The higher-than-expected reading weakened the US dollar and pushed US yields to the downside. The 10-year stands at 1.65%, far from the 1.70% high. In Wall Street, stocks are mixed.

Gold and the $1750/55 area

The upside move in gold eased when it approached the $1750/55 area that is a critical technical level. A consolidation clearly above would clear the way to further gains in the metal. Despite the recent pullback, the short-term outlook improved after the rally of more than $20 from the lows.

A decline back below $1735 could suggest more weakness ahead, while under $1730, a test of the daily low seems likely.

Technical levels

XAU/USD

Overview
Today last price	1742.53
Today Daily Change	9.91
Today Daily Change %	0.57
Today daily open	1732.62

Trends
Daily SMA20	1731.34
Daily SMA50	1758.19
Daily SMA100	1807.29
Daily SMA200	1858.52

Levels
Previous Daily High	1745.1
Previous Daily Low	1727.42
Previous Weekly High	1758.74
Previous Weekly Low	1721.34
Previous Monthly High	1759.98
Previous Monthly Low	1676.87
Daily Fibonacci 38.2%	1734.17
Daily Fibonacci 61.8%	1738.35
Daily Pivot Point S1	1724.99
Daily Pivot Point S2	1717.37
Daily Pivot Point S3	1707.31
Daily Pivot Point R1	1742.67
Daily Pivot Point R2	1752.73
Daily Pivot Point R3	1760.35

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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