Gold Price News and Forecast: XAU/USD drops back towards multi-month lows in the $1720s


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. 

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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. 

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XAU/USD

Overview
Today last price 1714.85
Today Daily Change -8.91
Today Daily Change % -0.52
Today daily open 1723.76
 
Trends
Daily SMA20 1800.54
Daily SMA50 1842.14
Daily SMA100 1856.19
Daily SMA200 1860.25
 
Levels
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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