Gold Price Analysis: XAU/USD retreats further from weekly highs to the $1,950 area


  • XAU/USD failed to hold onto gains amid a recovery of the US dollar across the board.
  • Gold’s bullish bias in the short-term weakens after a pullback.

Gold prices peaked before the American session at $1,972, the highest level since September 2 and then pulled back more than $20. It failed to hold onto gains and printed a fresh daily low at $1,948. It quickly bounced back above $1,950 and as of writing it trades at $1,954 modestly lower for the day.

The yellow metal retreated amid a recovery of the US dollar across the board. The US dollar Index climbed from 92.78 the lowest in almost a week to 93.15, erasing all losses. At the same time equity prices in Wall Street moved off highs and US yield remained in positive ground near daily highs.

XAU/USD Technical outlook: Bullish short-term bias challenged

The short-term outlook still shows a bullish bias, despite the recent pullback. A consolidation below $1,950 would likely lead to a test of $1,935 that if broken would remove the positive tone. The critical support continues to be the $1,900 area.

On the upside, XAU/USD again found resistance around $1,970 and pulled back. Despite positive technical signs while below $1,975 the upside will continue to be limited.

Additional levels

 

XAU/USD

Overview
Today last price 1951.94
Today Daily Change -4.86
Today Daily Change % -0.25
Today daily open 1956.8
 
Trends
Daily SMA20 1945.93
Daily SMA50 1923.08
Daily SMA100 1826.49
Daily SMA200 1705.03
 
Levels
Previous Daily High 1962.6
Previous Daily Low 1937.1
Previous Weekly High 1966.54
Previous Weekly Low 1906.62
Previous Monthly High 2075.32
Previous Monthly Low 1863.24
Daily Fibonacci 38.2% 1952.86
Daily Fibonacci 61.8% 1946.84
Daily Pivot Point S1 1941.73
Daily Pivot Point S2 1926.67
Daily Pivot Point S3 1916.23
Daily Pivot Point R1 1967.23
Daily Pivot Point R2 1977.67
Daily Pivot Point R3 1992.73

 

 

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