Gold Price Forecast: XAU/USD tumbles after US data, hits two-day lows under $1,800

Gold is under pressure as US yields jump after US data.
US Q3 GDP was revised from 2.9% to 3.2%.
Wall Street extends losses, US Dollar soars.

Matías Salord FXStreet

Gold prices dropped sharply from nearly $1,820, reaching levels under $1,800 following the release of US economic reports.

Looking for Santa’s rally

Economic data released in the US showed the economy expanded at an annualized rate of 3.2% during the third quarter, above the 2.9% of the previous estimate. Price indicators were also revised higher.

Following the numbers, US yields jumped. The US 10-year yield rose from 3.64% to 3.67% while the US 2-year yield soared from 4.20% to 4.26%. The move in the bond market weighed on XAU/USD that sank. At the same time, equity prices in Wall Street extended losses. As of writing, the Dow Jones is losing 0.93% and the SP& 500 drops by 1.24%.

Gold bottomed at $1,798, the lowest level in two days. It is hovering around $1,800 far from the recent high of $1,824. The correction is taking place after the yellow metal was unable to consolidate above the $1,820 area. A daily close above, should open the doors to more gains.

Technical levels

XAU/USD

Overview
Today last price	1807.84
Today Daily Change	-6.49
Today Daily Change %	-0.36
Today daily open	1814.33

Trends
Daily SMA20	1783.31
Daily SMA50	1727.56
Daily SMA100	1721.93
Daily SMA200	1784.9

Levels
Previous Daily High	1823.84
Previous Daily Low	1811.92
Previous Weekly High	1824.55
Previous Weekly Low	1773.83
Previous Monthly High	1786.55
Previous Monthly Low	1616.69
Daily Fibonacci 38.2%	1816.47
Daily Fibonacci 61.8%	1819.29
Daily Pivot Point S1	1809.55
Daily Pivot Point S2	1804.78
Daily Pivot Point S3	1797.63
Daily Pivot Point R1	1821.47
Daily Pivot Point R2	1828.62
Daily Pivot Point R3	1833.39

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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