XAU/USD: Gold retreats from weekly highs, drops to $1465


  • Yellow metal reverses and falls to test yesterday’s low. 
  • Limited volatility across financial markets as traders await for the FOMC minutes. 

Gold weakened from the highest level in almost two weeks slightly below $1480/oz and moved lower. Recently it printed a fresh daily low at $1465, just cents above Tuesday’s low. 

The intraday bias points to the downside. Traders await the release of the FOMC minutes from the latest meeting that could trigger some volatility. Price action across financial markets remains calm with the US dollar rising modestly and bond yields steady. 

Equity prices in Wall Street are mostly lower showing little changes. The Dow Jones drops  0.25% and the S&P 500 0.08%, affected by concerns on the impact on US/China trade talks of the recent Hong Kong resolution passed by the US Senate. Those concerns initially boosted XAU/USD to the $1480 area but then it reversed.

Technical outlook 

In the short-term, gold is still moving with an upside bias, but the momentum is starting to favor the downside. Price needs to recover levels on top of $1472 in order to target again a test of the $1480 area. Above the next strong resistance is seen at $1490. 

On the flip side, a consolidation under $1464 would likely increase the bearish pressure ahead of the Asian session. The next support is located at $1455 (Nov 18 low) followed by $1445 (November low). 

XAU/USD

Overview
Today last price 1469.11
Today Daily Change -3.38
Today Daily Change % -0.23
Today daily open 1472.49
 
Trends
Daily SMA20 1483.7
Daily SMA50 1491.93
Daily SMA100 1480.71
Daily SMA200 1395.85
 
Levels
Previous Daily High 1475.43
Previous Daily Low 1465.08
Previous Weekly High 1474.6
Previous Weekly Low 1445.8
Previous Monthly High 1519.04
Previous Monthly Low 1455.5
Daily Fibonacci 38.2% 1471.47
Daily Fibonacci 61.8% 1469.03
Daily Pivot Point S1 1466.57
Daily Pivot Point S2 1460.64
Daily Pivot Point S3 1456.21
Daily Pivot Point R1 1476.92
Daily Pivot Point R2 1481.35
Daily Pivot Point R3 1487.28

 

 

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