Gold Price News and Forecast: XAU/USD extends losses after largest weekly decline since 1983

Gold Price News and Forecast: XAU/USD extends losses after largest weekly decline since 1983

  • XAU/USD recorded its largest weekly decline since 1983 last week.
  • Further downside could be on the cards.
 

XAU/USD weekly chart

 Gold suffered its worst weekly decline since 1983 last week, erasing the 2020 gains and challenging the 50 SMA on the weekly chart.   

XAU/USD daily chart

 The market remains on the back foot with extreme volatility while testing the 1500 mark and the 200 SMA on the daily chart. Gold stays vulnerable but bears need to overcome the 1480 support on a daily basis to reach 1440 on the way down. Resistance can be expected near 1530 and in the 1548/1557 price zone.     Resistance: 1530, 1548, 1557Support: 1500, 1480, 1440 

Additional key levels

XAU/USD

Overview
Today last price 1498.12
Today Daily Change -32.24
Today Daily Change % -2.11
Today daily open 1530.36
 
Trends
Daily SMA20 1624.02
Daily SMA50 1589.04
Daily SMA100 1535.33
Daily SMA200 1499.05
 
Levels
Previous Daily High 1598.08
Previous Daily Low 1504.72
Previous Weekly High 1703.4
Previous Weekly Low 1504.72
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1540.38
Daily Fibonacci 61.8% 1562.42
Daily Pivot Point S1 1490.69
Daily Pivot Point S2 1451.03
Daily Pivot Point S3 1397.33
Daily Pivot Point R1 1584.05
Daily Pivot Point R2 1637.75
Daily Pivot Point R3 1677.41

 

 



Source: FxStreet

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