Gold Price News and Forecast: XAU/USD falls through long-term support

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD attempts a tepid bounce above $1860, not out of the woods yet

The recovery in gold (XAU/USD) from weekly lows of $1852.80 has regained traction in the Asian trades this Friday, as the sentiment on the global markets remains sour amid stimulus concerns and growing covid fears.

The ultimate safe-haven, gold, is benefiting from a risk-off environment induced by US Treasury Secretary Steven Mnuchin’s abrupt call to end most of the covid crisis-response programs the Fed deemed vital to keeping the economy stable.

XAU/USD

Overview
Today last price	1867.69
Today Daily Change	0.95
Today Daily Change %	0.05
Today daily open	1866.74

Trends
Daily SMA20	1890.76
Daily SMA50	1901.22
Daily SMA100	1908.78
Daily SMA200	1792.47

Levels
Previous Daily High	1874.12
Previous Daily Low	1852.8
Previous Weekly High	1965.58
Previous Weekly Low	1850.56
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1860.94
Daily Fibonacci 61.8%	1865.98
Daily Pivot Point S1	1854.99
Daily Pivot Point S2	1843.23
Daily Pivot Point S3	1833.67
Daily Pivot Point R1	1876.31
Daily Pivot Point R2	1885.87
Daily Pivot Point R3	1897.63

China leaves rates unchanged, gold falls through long-term support

Gold's unimpressive price action continues, despite the positive news from Washington DC. Having dropped to $1850.00 overnight, it could not recover all of those losses as the fiscal talk headlines hit the wires. It finished the session 0.35% lower at $1866.00 an ounce.

Gold has now broken trendline support at $1871.00 an ounce, that extends back to April. The daily close below this level is a negative technical development. Gold has initial support at $1850.00 an ounce, but the technical picture suggests losses have the potential to extend all the way to its 200-DMA, today at $1794.00 an ounce. Resistance is at today at $1874.00 an ounce, followed by $1900.00 an ounce.

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