Gold Price News and Forecast: XAU/USD finds some support at a technical level near $1925

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD consolidates near $1,930, key support line, US NFP probe bears

Gold keeps pullback moves from $1,921.97, the one-week low, near $1,932 during the pre-Tokyo open Asian trading on Friday. The yellow metal dropped for the second day in a row on Thursday despite staging consolidation from near-term key support line. While US dollar strength could be considered as a major driving force for the bullion’s latest downside, traders’ cautious sentiment ahead of the American employment figures can be spotted as probing the bears.

XAU/USD

Overview
Today last price	1940.26
Today Daily Change	9.14
Today Daily Change %	0.47
Today daily open	1931.12

Trends
Daily SMA20	1955.42
Daily SMA50	1900
Daily SMA100	1810.18
Daily SMA200	1688.47

Levels
Previous Daily High	1951.18
Previous Daily Low	1921.97
Previous Weekly High	1976.79
Previous Weekly Low	1902.76
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1933.13
Daily Fibonacci 61.8%	1940.02
Daily Pivot Point S1	1918.33
Daily Pivot Point S2	1905.55
Daily Pivot Point S3	1889.12
Daily Pivot Point R1	1947.54
Daily Pivot Point R2	1963.97
Daily Pivot Point R3	1976.75

Gold Price Analysis: XAU/USD finds some support at a technical level near $1925

The US dollar and gold are in an important crossroads at the moment where the current trend is unclear. Longer-term gold has been in an incredible uptrend and since hitting a higher of USD 2,075.14 per troy once the price has pulled back 6.97%. This does not necessarily mean the trend is over but this is a pretty strong correction and could be a buying opportunity for the bulls.

Looking at the chart, the price has now bounced off the USD 1,925 per ounce support area. This price point is where the internal downward sloping trendline and short term trendline meet and cross over. The consolidation low is at USD 1,863.24 per ounce and if this level breaks to the downside then a more pronounced sell-off could be in store.

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