Gold Price Forecast: XAU/USD jumps to test October highs around $1810


  • Metals on the rise as US yields tumble despite upbeat NFP.
  • XAU/USD hits two week highs above $1810.
  • Gold is about to end the week on a positive tone, almost $50 above the weekly low.

Metals are rising considerably boosted by lower US yields on Friday. Gold broke above $1800 and is testing a key short-term resistance area around $1810. A firm break higher could trigger more gains.

Economic data form the US came in above expectation with payrolls rising by 531K in October above the 425K of market consensus. The greenback rose initially but then, during the American session pulled back and reversed its course, amid a sharp decline in US bonds and as equity prices rise. The US 10-year yield fell from 1.54% to the lowest in a month at 1.45%.

Testing critical area

Gold peaked at $1812, the highest in two weeks. It is trading around $1810 and a firm break above would put the price at the highest in almost two months, targeting the next resistance at $1820.

A failure to break above $1810 would leave gold vulnerable to a bearish correction. Support levels are located at $1795, $1785 and then $1770.

Technical levels

XAU/USD

Overview
Today last price 1808.79
Today Daily Change 16.72
Today Daily Change % 0.93
Today daily open 1792.07
 
Trends
Daily SMA20 1782.09
Daily SMA50 1780.02
Daily SMA100 1785.65
Daily SMA200 1791.07
 
Levels
Previous Daily High 1799.01
Previous Daily Low 1769.11
Previous Weekly High 1810.47
Previous Weekly Low 1772.03
Previous Monthly High 1813.82
Previous Monthly Low 1746.07
Daily Fibonacci 38.2% 1787.59
Daily Fibonacci 61.8% 1780.53
Daily Pivot Point S1 1774.45
Daily Pivot Point S2 1756.83
Daily Pivot Point S3 1744.55
Daily Pivot Point R1 1804.35
Daily Pivot Point R2 1816.63
Daily Pivot Point R3 1834.25

 

 

 

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