Gold Price Analysis: XAUUSD consolidates losses near $1500oz

Gold Price Analysis: XAUUSD consolidates losses near $1500oz

  • XAU/USD is in consolidation mode after suffering its worst weekly decline since 1983 the week before. 
  • Sideways price action can be expected in the short term. 

 

XAU/USD weekly chart

Last week, gold registered the worst weekly decline since 1983, erasing the early 2020 spike up while now challenging the 50 WMA (weekly simple moving average) on the weekly chart. XAU/USD keeps consolidating losses near $1500 per troy ounce.

 

XAU/USD four-hour chart

 A consolidation is taking place following the selloff as the metal is trading well below its main SMAs suggesting an overall bearish momentum in the medium term. The metal remains vulnerable to the downside to the1488, 1477 and 1460 levels which bulls might attempt to defend. On the flip side, bullish attempts could lose steam near 1505, 1520 and 1540 price levels.   Resistance: 1505, 1520, 1540Support: 1488, 1477, 1460 

Additional key levels

XAU/USD

Overview
Today last price 1499.06
Today Daily Change 26.13
Today Daily Change % 1.77
Today daily open 1472.93

 

Trends
Daily SMA20 1603.25
Daily SMA50 1584.08
Daily SMA100 1535.45
Daily SMA200 1502.41

 

Levels
Previous Daily High 1501.2
Previous Daily Low 1464.3
Previous Weekly High 1703.4
Previous Weekly Low 1504.72
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1478.4
Daily Fibonacci 61.8% 1487.1
Daily Pivot Point S1 1457.75
Daily Pivot Point S2 1442.58
Daily Pivot Point S3 1420.85
Daily Pivot Point R1 1494.65
Daily Pivot Point R2 1516.38
Daily Pivot Point R3 1531.55


Source: FxStreet

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