Gold Price Forecast: XAU/USD soars and hits one-month highs above $1810


  • Metals are rising sharply, amid risk appetite, a weaker dollar and a retreat in US yields.
  • XAU/USD testing the $1810 resistance area.
  • Price heads for a weekly close above the 20-week moving average.

Gold is rising sharply on Friday, extending weekly gains. The ounce gains more than $20 and recently reached at $1812, the highest level since mid-September. It remains near the top, with the bullish momentum intact.

Metals are posting important gains on Friday. The rally is being reinforced by a correction of the US dollar and a modest recovery in US bonds. The 10-year yields pulled back to 1.65% from 1.69%. Stocks in the US are mixed but off lows, also helping commodities.

Levels to watch

If XAU/USD holds firms above $1811 it could clear the way to additional gains, targeting the $1820 level. Above attention would turn to the critical resistance band at $1830/35 (July, August and September highs) that if broken, would strengthen then medium-term outlook.

On the flip side, a slide under $1800 would alleviate the bullish pressure while under 1790$ should warn about a potential reversal.

Technical levels

XAU/USD

Overview
Today last price 1812.09
Today Daily Change 29.11
Today Daily Change % 1.63
Today daily open 1782.98
 
Trends
Daily SMA20 1762.7
Daily SMA50 1779.61
Daily SMA100 1793.06
Daily SMA200 1793.95
 
Levels
Previous Daily High 1789.48
Previous Daily Low 1776.58
Previous Weekly High 1800.62
Previous Weekly Low 1750.24
Previous Monthly High 1834.02
Previous Monthly Low 1721.71
Daily Fibonacci 38.2% 1784.55
Daily Fibonacci 61.8% 1781.51
Daily Pivot Point S1 1776.55
Daily Pivot Point S2 1770.11
Daily Pivot Point S3 1763.65
Daily Pivot Point R1 1789.45
Daily Pivot Point R2 1795.91
Daily Pivot Point R3 1802.35

 

 

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