Gold Price Analysis: XAU/USD tumbles near two-week’s lows, sub-$1600/oz

XAU/USD bulls gave up as sellers took the market down sharply.
More down could be on the cards for the yellow metal.

Flavio Tosti Independent Analyst

Gold daily chart

XAU/USD is trading in a bull trend above its main daily simple moving averages (SMAs). However, the market is pulling down sharply trading off seven-year’s highs.

Gold four-hour chart

Gold has been dropping sharply this Friday while reaching the 200 SMA on the four-hour chart. The bears seem to be in charge and more down could potentially be expected. Sellers can try to drive the market down towards the 1570.00, 1560.00 and 1550.00 support levels. Resistance can be expected near the 1599.00 and 1612.00 levels.

Resistance: 1599.00, 1612.00, 1621.00

Support: 1570.00, 1560.00, 1550.00

Additional key levels

XAU/USD

Overview
Today last price	1586.42
Today Daily Change	-50.69
Today Daily Change %	-3.10
Today daily open	1637.11

Trends
Daily SMA20	1595.16
Daily SMA50	1564.04
Daily SMA100	1520.83
Daily SMA200	1481.66

Levels
Previous Daily High	1660.36
Previous Daily Low	1635.85
Previous Weekly High	1649.32
Previous Weekly Low	1578.88
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1651
Daily Fibonacci 61.8%	1645.21
Daily Pivot Point S1	1628.52
Daily Pivot Point S2	1619.93
Daily Pivot Point S3	1604.01
Daily Pivot Point R1	1653.03
Daily Pivot Point R2	1668.95
Daily Pivot Point R3	1677.54

Author

Flavio Tosti

Independent Analyst

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