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


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.

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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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