• Gold gains for the second week in a row, but still remains under $1810.
  • While above $1785, the bullish bias could persist in the short term.

Gold rose for the second week in a row and finished slightly below $1810 after rebounding from $1783. It was unable to hit fresh monthly highs.

The yellow metal continued to improve its outlook, with a close above the 55-week simple moving average. The upside continues to face resistance around $1810/15.  A break of that area should clear the way for a test of the next critical level seen at the $1830 region.

The immediate short-term support could be seen at $1793 followed by the 20-day simple moving average at $1784. A daily close under $1780 could anticipate more losses and a potential slide to $1750.

The upside in gold is being supported by a weaker US dollar and the improvement in market sentiment. On the contrary, the main negative factors are US yields, that many analysts see moving to the upside amid expectations of interest rate hikes from the Federal Reserve next year.

Technical levels

XAU/USD

Overview
Today last price 1808.9
Today Daily Change -0.03
Today Daily Change % -0.00
Today daily open 1808.93
 
Trends
Daily SMA20 1785.19
Daily SMA50 1800.04
Daily SMA100 1788.42
Daily SMA200 1796.29
 
Levels
Previous Daily High 1810.76
Previous Daily Low 1798.91
Previous Weekly High 1814.33
Previous Weekly Low 1753.01
Previous Monthly High 1877.23
Previous Monthly Low 1758.92
Daily Fibonacci 38.2% 1806.23
Daily Fibonacci 61.8% 1803.44
Daily Pivot Point S1 1801.64
Daily Pivot Point S2 1794.35
Daily Pivot Point S3 1789.79
Daily Pivot Point R1 1813.49
Daily Pivot Point R2 1818.05
Daily Pivot Point R3 1825.34

 

 

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