Gold Price Analysis: XAU/USD looks to extend losses below $1,780

  • XAU/USD off the day’s high on the price correction in the Asian session
  • More weakness if it slips below $1,780.
  • Overbought momentum oscillators reflect the wait-and-hold approach.

Gold prices surrendered the previous day’s gains and are looking to extend pullback in the Asian session. The pair peaked at $1,793.50 but lost its ground and is looking to refresh the daily lows.

At the time of writing, XAU/USD is trading at $1,785.05, down 0.38% on the day.

XAU/USD 4-hour chart:

On the 4-hour chart, the pair faces rejection near the highs of $1,800 and forms the spinning top candlestick pattern, which signifies reversal in the prevailing trend. The selling intensified as soon as the price dropped below the $1,788.87 level. On moving lower, XAU/USD bears will first target the $1,780 horizontal support zone and then would march toward the $1,775 resistance turned support area. Finally, the price will pursue the action to retest Monday’s low of $1,767.44.

The Moving Average Convergence Divergence (MACD) indicator is placed above the midline, however,  with receding bullish momentum. Any uptick in the MACD will ask for a reversal back to the $1,790 level, followed by Monday’s high at $1,798.02. It would not be an exaggeration to say that, above $1,800, the next on the cards will be February 23 highs at $1,816.07.

XAU/USD additional levels:


Today last price 1787.22
Today Daily Change -5.71
Today Daily Change % -0.32
Today daily open 1792.94
Daily SMA20 1765.58
Daily SMA50 1745.5
Daily SMA100 1799.34
Daily SMA200 1854.8
Previous Daily High 1798.02
Previous Daily Low 1766.17
Previous Weekly High 1790.03
Previous Weekly Low 1756.18
Previous Monthly High 1797.93
Previous Monthly Low 1705.84
Daily Fibonacci 38.2% 1785.85
Daily Fibonacci 61.8% 1778.34
Daily Pivot Point S1 1773.4
Daily Pivot Point S2 1753.86
Daily Pivot Point S3 1741.55
Daily Pivot Point R1 1805.25
Daily Pivot Point R2 1817.56
Daily Pivot Point R3 1837.1



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