Gold Price News and Forecast: XAU/USD is now firmly back into the hands of the bears


Gold Price Analysis: XAU/USD bulls trying to defend $1,800 amid cautious optimism

Gold keeps $1,800, currently around $1,805, while struggling to defy the previous day’s pullback from a one-week top during the initial Asian session on Wednesday. The yellow metal snapped the two-day winning streak amid the US dollar’s corrective pullback. However, the greenback’s failures to hold the recovery moves seem to favor the gold buyers.

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XAG/USD

Overview
Today last price 27.66
Today Daily Change -0.01
Today Daily Change % -0.04
Today daily open 27.67
 
Trends
Daily SMA20 27.11
Daily SMA50 26.37
Daily SMA100 25.26
Daily SMA200 23.79
 
Levels
Previous Daily High 28.33
Previous Daily Low 27.25
Previous Weekly High 27.96
Previous Weekly Low 26.2
Previous Monthly High 27.92
Previous Monthly Low 24.19
Daily Fibonacci 38.2% 27.66
Daily Fibonacci 61.8% 27.92
Daily Pivot Point S1 27.17
Daily Pivot Point S2 26.66
Daily Pivot Point S3 26.08
Daily Pivot Point R1 28.25
Daily Pivot Point R2 28.83
Daily Pivot Point R3 29.34

 

Gold Price Analysis: Bears engaging below firm resistance, targetting $1,750

Between the 61.8% Fibo / 50% mean reversion and the confluence of old support has proven to be a firm resistance. Gold is now firmly back into the hands of the bears targeting $1,750. As per the prior analysis, Gold Price Analysis: Bulls setting up for upside extension to -61.8% Fibo/$1,817/20, the price indeed rallied as according to the analysis, falling short of the target by $1.00 from which conservative bulls cashed in at. 

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