- As the US dollar resumes the upside, pressure mounts on gold.
- XAU/USD drops to $1,916/oz, still remains above critical support area.
Gold prices peaked immediately after the release of the US employment report at $1,948/oz but then reversed quickly as the US dollar resumed the upside across the board. XAU/USD bottomed at $1,916 the lowest level in a week.
As of writing, gold trades at $1,925 moving off lows but still showing a bearish bias. While above $1,910/15 losses seem limited while a break below would expose the $1,900 area, potentially triggering more volatility. The next target is seen at the August low at $1,960.
The bias continues to point to the downside. A recovery above $1,960 would alleviate the pressure while a daily close above $1,975 could suggest more gains ahead and a test of $2,000.
The greenback is up on Friday against G10 currencies and equity prices in Wall Street are falling again sharply for the second day in a row. The DXY rose to 93.20, hitting a fresh weekly high.
Gold technical levels
XAU/USD
| OVERVIEW | |
|---|---|
| Today last price | 1919.92 |
| Today Daily Change | -11.20 |
| Today Daily Change % | -0.58 |
| 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 |
Reprinted from fxstreet , the copyrights all reserved by the original author.
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