Gold Price Forecast: XAU/USD closed below $1,930 amid USD strength

XAU/USD lost more than 0.60%, falling to the $1,925 area.
The US DXY index rose to its highest level since March.
The cautious market mood amid the fragile Chinese situation may limit Gold’s downside.

Patricio Martín FXStreet

In Tuesday’s session, the XAU/USD sharply declined, as the USD showed strong gains during the session, and the spot price closed at $1,925.

In that sense, the USD, measured by the DXY index, rose more than 0.50% to its highest level since March, around 104.80, while US bond yields, often seen as the opportunity cost of holding hold, saw more than 1% increases with the 2, 5 and 10-year bond rates rising to 4.96%,4.37% and 4.26%. That yield increase could be explained by Christopher Waller from the Federal Reserve (Fed) flirting with an additional hike, stating that it won’t cause a recession.

On a positive note, investors are closely monitoring the Chinese economic situation, as data on Tuesday showed that service activity fell to its lowest level in eight months, and the fear of a global economic downturn may limit the downside for the yellow metal.

XAU/USD Levels to watch

Based on the daily chart, XAU/USD maintains a neutral to bearish technical perspective, suggesting that the bears are gradually gaining momentum but are not yet in total control. The Relative Strength Index (RSI) points south above its middle point, while the Moving Average Convergence (MACD) histogram shows decreasing green bars.

Support levels: $1,915 (20 and 200-day SMA convergence), $1,900, $1,890.

Resistance levels: $1,930, $1,950, $1,970.

XAU/USD Daily Chart

XAU/USD

Overview
Today last price	1925.96
Today Daily Change	-12.27
Today Daily Change %	-0.63
Today daily open	1938.23

Trends
Daily SMA20	1915.19
Daily SMA50	1931.57
Daily SMA100	1953.72
Daily SMA200	1915.78

Levels
Previous Daily High	1946.35
Previous Daily Low	1936.86
Previous Weekly High	1953.01
Previous Weekly Low	1912.84
Previous Monthly High	1966.08
Previous Monthly Low	1884.85
Daily Fibonacci 38.2%	1940.49
Daily Fibonacci 61.8%	1942.72
Daily Pivot Point S1	1934.61
Daily Pivot Point S2	1930.99
Daily Pivot Point S3	1925.12
Daily Pivot Point R1	1944.1
Daily Pivot Point R2	1949.97
Daily Pivot Point R3	1953.59

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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