Gold Price Analysis: XAU/USD down 0.40% in Asia, $1,980 is key support

Gold has pulled back by $10 from session highs.
The 4-hour chart is beginning to lean bearish.

Omkar Godbole FXStreet Contributor

Gold is trading near $1,993 at press time, representing a 0.4% decline on the day. The yellow metal faced rejection at $2,015 on Tuesday.

The 4-hour chart relative strength index has dived out of an ascending/bullish trendline. As such, the metal risks extending losses to $1,980. That level is currently housing the trendline rising from Aug. 12 and Aug. 16 lows.

A break below that trendline support would imply an end of the recovery from the Aug. 12 low of $1,863 and could cause some buyers to exit the market, leading to a deeper decline to $1,950. A move above $2,015 is needed to restore the immediate bullish view.

XAU/USD 4-hour chart

Trend: Bearish below $1,980

Technical levels

XAU/USD

Overview
Today last price	1993.92
Today Daily Change	-8.58
Today Daily Change %	-0.43
Today daily open	2002.5

Trends
Daily SMA20	1967.02
Daily SMA50	1851.18
Daily SMA100	1775.97
Daily SMA200	1659.69

Levels
Previous Daily High	2015.65
Previous Daily Low	1976.1
Previous Weekly High	2049.96
Previous Weekly Low	1863.24
Previous Monthly High	1984.8
Previous Monthly Low	1757.7
Daily Fibonacci 38.2%	2000.54
Daily Fibonacci 61.8%	1991.21
Daily Pivot Point S1	1980.52
Daily Pivot Point S2	1958.53
Daily Pivot Point S3	1940.97
Daily Pivot Point R1	2020.07
Daily Pivot Point R2	2037.63
Daily Pivot Point R3	2059.62

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

AUD/USD struggles to recover as hawkish Fed bets escalate

The Australian Dollar is under pressure against the US Dollar as traders have raised bets supporting interest rate hikes by the Federal Reserve this year, with the AUD/USD pair posting a fresh almost eight-week low at around 0.7025. Hawkish Fed bets have accelerated following the release of the surprisingly strong United States Nonfarm Payroll (NFP) data for May.

USD/JPY holds higher ground toward 160.50 despite 'Yentervention' fears

USD/JPY holds higher ground toward 160.50 in Monday's Asian trading, despite intervention fears. Japan’s revised GDP print, which confirmed that the economy lost momentum in the first quarter, weighs on the Japanese Yen. Meanwhile, Friday's upbeat US NFP report and fresh Israel-Iran attacks favor the US Dollar bulls, underpinning the currency pair.

Gold trades flat above $4,300 amid Mideast woes, Fed rate hike bets

Gold remains vulnerable near $4,300 in European trading on Monday, following a modest bounce in Asia to the $4,350-$4,355 area. Renewed hostilities in the Gulf push Crude Oil prices higher, fanning inflationary concerns and bolstering bets for more hawkish central banks. That weighs on Gold, as it trades near three-month lows.

Solana: ETF outflows and bearish sentiment reinforce downside risks

Solana (SOL) remains under pressure, trading below $66 on Monday after losing nearly 20% in the previous week. Institutional demand weakened with spot Exchange Traded Funds recording a net outflow of over $6.5 million last week, snapping a four-week streak of inflows.

$1.75 trillion: Is SpaceX the most popular IPO in history, or the most engineered?

On June 12, the largest initial public offering (IPO) in history is set to hit the tape, and almost nobody is asking whether the price is right, because almost everybody already wants in.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.