Gold Price Analysis: XAU/USD retreats toward $1880 after finding resistance at $1900


  • Gold continues to move sideways, limited by $1900.
  • Metals spike and pulled back amid an improvement in dollar’s momentum.

Gold climbed after the beginning of the American session to $1900, reaching the highest level in two days but it then turned to the downside falling to $1882, a fresh daily low. As of writing, the metal trades flat for the day at $1885.

The move to the downside took place amid a modest recovery of the US dollar across the board. The DXY printed a fresh high at 93.80. At the same time, equity prices in Wall Street are holding onto daily gains. The Dow Jones gains 0.40% and the Nasdaq 0.35%.

The day after the FOCM minutes and the US Vice presidential debate market remains quiet. Economic data from the US showed a decline in initial jobless claims but not as much as expected. The expectations about more fiscal stimulus continue to support market sentiment.

Levels to watch

Siler also pulled back from two day highs. XAG/USD peaked at 24.20 and pulled back under 24.00. Both metals still hold a slightly bearish bias as it remains unable to break recent tops, suggesting they could continue to consolidate around the current range, still away from September lows.

XAU/USD is facing a critical resistance around the $1910/20, and a daily close above could remove the current bearish bias. On the flip side, the immediate support stands at $1870; below a test of the September low sat $1845 seems likely.

More levels

 

XAU/USD

Overview
Today last price 1889.03
Today Daily Change 1.47
Today Daily Change % 0.08
Today daily open 1887.56
 
Trends
Daily SMA20 1910.14
Daily SMA50 1941.67
Daily SMA100 1858.72
Daily SMA200 1740.49
 
Levels
Previous Daily High 1898.05
Previous Daily Low 1873.01
Previous Weekly High 1917.16
Previous Weekly Low 1848.82
Previous Monthly High 1992.42
Previous Monthly Low 1848.82
Daily Fibonacci 38.2% 1888.48
Daily Fibonacci 61.8% 1882.58
Daily Pivot Point S1 1874.36
Daily Pivot Point S2 1861.17
Daily Pivot Point S3 1849.32
Daily Pivot Point R1 1899.4
Daily Pivot Point R2 1911.25
Daily Pivot Point R3 1924.44

 

 

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