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.

Matías Salord FXStreet

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

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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