Gold Price Analysis: Bears testing the commitments of the bulls
Gold prices are carving out a lower low in contrast to corrective expectations. Bulls can target a daily bullish retracement, anticipating a bid from deep with demand ahead of $1,700. Further to earlier analysis at the start of the week and in Monday's New York session, Gold prices have already started to make their intentions clear towards the $1,700 figure.
Gold Price Analysis: XAU/USD drops back towards multi-month lows in the $1720s
What had looked to be a promising rally in spot gold prices (XAU/USD) during Monday’s Asia Pacific session, during which time spot prices rallied from the $1730s to session highs at $1760, was not to be. Gold was sold throughout the European and US trading session, dropping back to the $1720s by the end of US trade after resistance in the form of the 18 February $1760 low appears proved insurmountable.
|Today last price||1714.85|
|Today Daily Change||-8.91|
|Today Daily Change %||-0.52|
|Today daily open||1723.76|
|Previous Daily High||1759.98|
|Previous Daily Low||1719.72|
|Previous Weekly High||1816.07|
|Previous Weekly Low||1717.24|
|Previous Monthly High||1871.9|
|Previous Monthly Low||1717.24|
|Daily Fibonacci 38.2%||1735.1|
|Daily Fibonacci 61.8%||1744.6|
|Daily Pivot Point S1||1708.99|
|Daily Pivot Point S2||1694.23|
|Daily Pivot Point S3||1668.73|
|Daily Pivot Point R1||1749.25|
|Daily Pivot Point R2||1774.75|
|Daily Pivot Point R3||1789.51|
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