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Gold Price Analysis: XAU/USD retreats after hitting one-week highs above $1900

  • Gold flat for the day, still testing the $1,900 zone.
  • Weaker US dollar and risk appetite support upside in metals.

The recovery in gold after last week sharp decline continues to be capped by the $1,900/oz area. Recently, boosted by a slide of the US dollar, XAU/USD rose to $1,902 reaching the highest level in a week, but it failed to hold above $1,900 and pulled back.

The DXY fell to the lowest in a week under 93.70. In Wall Street, equity prices are sharply higher the day after the first presidential debate. The Dow Jones is rising 1.80%, and the S&P 500 climbs 1.50%. The combination of a weaker US dollar and risk appetite helped gold move off lows, but metals are in negative territory for the day.

XAU/USD is trading at $1,895, holding a bullish intraday tone. In order to clear the way to more gains, it needs to consolidate above $1,900. The key support to the very short-term bullish bias is seen at the 20-SMA in the 4-hour chart around $1,880 and also at $1,875. Below the last one, another test of the $1,850 area seems likely.

XAU/USD 4-hour chart 

XAU/USD

Overview
Today last price 1895.04
Today Daily Change -3.09
Today Daily Change % -0.16
Today daily open 1898.13
 
Trends
Daily SMA20 1922.48
Daily SMA50 1944.98
Daily SMA100 1849.21
Daily SMA200 1728.9
 
Levels
Previous Daily High 1899.12
Previous Daily Low 1875.62
Previous Weekly High 1955.66
Previous Weekly Low 1848.84
Previous Monthly High 2075.32
Previous Monthly Low 1863.24
Daily Fibonacci 38.2% 1890.14
Daily Fibonacci 61.8% 1884.6
Daily Pivot Point S1 1882.79
Daily Pivot Point S2 1867.46
Daily Pivot Point S3 1859.29
Daily Pivot Point R1 1906.29
Daily Pivot Point R2 1914.46
Daily Pivot Point R3 1929.79

 

 

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