Gold Price Forecast: XAU/USD plunges below 1,900

FXStreet Team FXStreet

Spot gold changed course after hitting a multi-month high of $1,974.40 a troy ounce and plummeted to $1,877.96, now bouncing modestly from the latter. The bright metal began shedding ground heading into the US opening, accelerating its slide afterwards. A recovery in Wall Street put the final nail on gold's coffin and pushed it below the 1,900 level. Stocks cheered comments from US President Joe Biden, who announced several aggressive international sanctions on Russian people and institutions.

Gold trades near a fresh weekly low and the near term picture hints at another leg south, mainly on a break below the aforementioned daily low.

XAU/USD

Overview
Today last price	1886.11
Today Daily Change	-23.17
Today Daily Change %	-1.21
Today daily open	1909.28

Trends
Daily SMA20	1844.17
Daily SMA50	1826.03
Daily SMA100	1811.33
Daily SMA200	1808.89

Levels
Previous Daily High	1910.55
Previous Daily Low	1889.65
Previous Weekly High	1902.5
Previous Weekly Low	1844.65
Previous Monthly High	1853.91
Previous Monthly Low	1780.32
Daily Fibonacci 38.2%	1902.57
Daily Fibonacci 61.8%	1897.63
Daily Pivot Point S1	1895.77
Daily Pivot Point S2	1882.26
Daily Pivot Point S3	1874.87
Daily Pivot Point R1	1916.67
Daily Pivot Point R2	1924.06
Daily Pivot Point R3	1937.57

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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