Gold Price Analysis: XAU/USD under pressure, hits multi-months lows just above $1700


  • Higher US yields sent metal sharply lower and boosted the DXY.
  • Gold tests Tuesday’s lows, bearish pressure mounts.

Gold prices remain depressed, looking at the $1700 level. The yellow metal fell to $1701 hitting the lowest level since June. It then bounced to the upside toward $1710, but it remains under pressure amid higher US yields that boosted the dollar.

The DXY bounced from 90.60 and climbed above 91.00. The greenback also jumped versus emerging market currencies. Equity indices in Wall Street failed to hold to gains and now are mostly lower. The Nasdaq drops 12.40%, and the Dow Jones is up by just 0.09%. The VIX rose to the highest in three days.

Silver and gold tumbled over the last hours. XAU/USD is testing levels under 26.00, while gold pressures toward $1700. The key drivers again are US yields. The 10-year is approaching 1.50%, up more than 7% on Wednesday. Economic data from the US was mostly ignored.

A break under $1700 could increase the bearish bias. The next medium-term support emerges ar5oudn $1675. On the upside, a recovery above $1720 would alleviate the negative.

Technical levels

XAU/USD

Overview
Today last price 1711.14
Today Daily Change -22.02
Today Daily Change % -1.27
Today daily open 1733.16
 
Trends
Daily SMA20 1795.4
Daily SMA50 1839.57
Daily SMA100 1854.61
Daily SMA200 1860.36
 
Levels
Previous Daily High 1738.56
Previous Daily Low 1707.28
Previous Weekly High 1816.07
Previous Weekly Low 1717.24
Previous Monthly High 1871.9
Previous Monthly Low 1717.24
Daily Fibonacci 38.2% 1726.61
Daily Fibonacci 61.8% 1719.23
Daily Pivot Point S1 1714.11
Daily Pivot Point S2 1695.05
Daily Pivot Point S3 1682.83
Daily Pivot Point R1 1745.39
Daily Pivot Point R2 1757.61
Daily Pivot Point R3 1776.67

 

 

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