Gold Price Analysis: XAU/USD softer, challenges the $1,850 mark


  • The precious metal flirts with the key support in the $1,850 area.
  • A better sentiment in the dollar weighs on gold.

The yellow metal extends the weekly leg lower and navigates at shouting distance from the key support area near $1,850 per ounce troy.

The better note around the greenback puts the metal under pressure and forces it to grind lower for the fourth consecutive session on Thursday in spite of the corrective downside in yields of the US 10-year reference.

The dollar manages to regain the smile after recent bearish sessions and despite the US calendar showed Initial Claims rising by 742K WoW and the Philly Fed index easing to 26.3 in November (from 32.2). The reading, however, came in above estimates.

Gold key levels

As of writing Gold is retreating 0.65% at $1,859.87 and faces the next support at $1,850.62 (monthly low Nov.9) seconded by $1,848.66 (monthly low Sep.26) and then $1,792.53 (200-day SMA). On the upside, a surpass of $1,899.05 (weekly high Nov.16) would expose $1,933.28 (monthly high Oct.12) and finally $1965,55 (monthly high Nov.9).

XAU/USD

Overview
Today last price 1857.8
Today Daily Change 22
Today Daily Change % -0.67
Today daily open 1870.32
 
Trends
Daily SMA20 1892.63
Daily SMA50 1902.79
Daily SMA100 1907.86
Daily SMA200 1790.98
 
Levels
Previous Daily High 1884.9
Previous Daily Low 1863.86
Previous Weekly High 1965.58
Previous Weekly Low 1850.56
Previous Monthly High 1933.3
Previous Monthly Low 1860
Daily Fibonacci 38.2% 1871.9
Daily Fibonacci 61.8% 1876.86
Daily Pivot Point S1 1861.15
Daily Pivot Point S2 1851.99
Daily Pivot Point S3 1840.11
Daily Pivot Point R1 1882.19
Daily Pivot Point R2 1894.07
Daily Pivot Point R3 1903.23

 

 

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