Gold Price Analysis: XAU/USD under pressure, hits weekly lows but remains above $1910

As the US dollar resumes the upside, pressure mounts on gold.
XAU/USD drops to $1,916/oz, still remains above critical support area.

Matías Salord FXStreet

Gold prices peaked immediately after the release of the US employment report at $1,948/oz but then reversed quickly as the US dollar resumed the upside across the board. XAU/USD bottomed at $1,916, the lowest level in a week.

As of writing, gold trades at $1,925 moving off lows but still showing a bearish bias. While above $1,910/15 losses seem limited, a break below would expose the $1,900 area, potentially triggering more volatility. The next target is seen at the August low at $1,960.

The bias continues to point to the downside. A recovery above $1,960 would alleviate the pressure while a daily close above $1,975 could suggest more gains ahead and a test of $2,000.

The greenback is up on Friday against G10 currencies and equity prices in Wall Street are falling again sharply for the second day in a row. The DXY rose to 93.20, hitting a fresh weekly high.

Gold technical levels

XAU/USD

Overview
Today last price	1919.92
Today Daily Change	-11.20
Today Daily Change %	-0.58
Today daily open	1931.12

Trends
Daily SMA20	1955.42
Daily SMA50	1900
Daily SMA100	1810.18
Daily SMA200	1688.47

Levels
Previous Daily High	1951.18
Previous Daily Low	1921.97
Previous Weekly High	1976.79
Previous Weekly Low	1902.76
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1933.13
Daily Fibonacci 61.8%	1940.02
Daily Pivot Point S1	1918.33
Daily Pivot Point S2	1905.55
Daily Pivot Point S3	1889.12
Daily Pivot Point R1	1947.54
Daily Pivot Point R2	1963.97
Daily Pivot Point R3	1976.75

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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