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Gold Price Forecast: XAU/USD his fresh lows at the $1,980 zone

  • US Dollar accelerates its recovery on Monday after a long weekend. 
  • US yields move higher following NFP, ahead of US CPI. 
  • XAU/USD fails to hold above $2,000; extends correction from monthly highs. 

Gold price is falling by more than 1% on Monday following Friday’s NFP and ahead of crucial US consumer inflation numbers. XAU/USD printed a fresh six-day low near $1,980 and then trimmed losses. 

A stronger US Dollar and higher US yield weigh on the yellow metal. The US Dollar Index is having the biggest daily gain in weeks and trades at 102.75. At the same time, the US 10-year bond yield is at 3.43%, and the 2-year is back at 4.00%. 

XAU/USD bottomed at $1,981, the lowest level since last Tuesday. It is hovering below $1,990, with a bearish bias in the short term, extending the correction from the recent top at $2,031. 

Gold price technical analysis

The metal remains depressed after breaking a relevant short-term uptrend line and also after pulling back under $2,000. The primary trend is bullish and the price holds above key moving averages in the daily chart. The 20-day Simple Moving Average awaits at $1,967. 

If XAU/USD rises back above $2,000, it could recover momentum. The next resistance stands at $2,010, followed by $2,022. 

Technical levels 

XAU/USD

Overview
Today last price1989.31
Today Daily Change-18.51
Today Daily Change %-0.92
Today daily open2007.82
 
Trends
Daily SMA201962.7
Daily SMA501898.83
Daily SMA1001862.26
Daily SMA2001787.74
 
Levels
Previous Daily High2021.5
Previous Daily Low2000.93
Previous Weekly High2032.11
Previous Weekly Low1949.83
Previous Monthly High2009.88
Previous Monthly Low1809.46
Daily Fibonacci 38.2%2008.79
Daily Fibonacci 61.8%2013.64
Daily Pivot Point S11998.67
Daily Pivot Point S21989.51
Daily Pivot Point S31978.1
Daily Pivot Point R12019.24
Daily Pivot Point R22030.65
Daily Pivot Point R32039.81

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