Gold Price Analysis: XAU/USD accelerates losses into $1,850


  • The collapse in Gold prices continued on Friday with the XAU/USD down to $1,850.00.
  • Gold is set to close in the red for the fifth straight day as losses accelerate.
  • XAU/USD is on pace to erase all of 2023's gains, only 1.5% away from the year's opening prices.

The XAU/USD saw ongoing losses accelerate through Friday trading, dipping to $1,850.00 and continuing to churn out new lows for the day to cap off a trading week that has seen only losses for Gold.

Gold spot prices are down almost 4% for the week and continuing to grind lower. The XAU/USD is in the red over 5% from the mid-September swing high just shy of $1,950.00.

The Federal Reserve (Fed) continues to make statements affirming their dedication to tighter policy moving forward, and tight monetary policy coupled with price pressures in US Treasury yields is seeing Gold prices utterly deflate on the charts.

Inflation pressures continue to ease in the US, with the Personal Consumption Expenditure (PCE) Price Index printing at 0.1% for the month of August, and the inflation that Gold was meant to serve as a hedge against is rapidly evaporating, leaving XAU/USD bulls in the lurch.

Read More:

XAU/USD unlikely to regain any significant ground – Commerzbank

Door open for even more declines – TDS

XAU/USD technical outlook

XAU/USD prices saw a firm rejection from the 34-hour Exponential Moving Average (EMA) near $1,870.00 in Friday's intraday action.

On the daily candlesticks Gold prices are in freefall, accelerating away from the 200-day Simple Moving Average (SMA) far above current price action near $1,930.00.

Continued downside will see XAU/USD set to erase 2023's gains and set a new yearly low near $1,800.00.

XAU/USD daily chart

XAU/USD technical levels

XAU/USD

Overview
Today last price 1850.25
Today Daily Change -14.20
Today Daily Change % -0.76
Today daily open 1864.45
 
Trends
Daily SMA20 1916.76
Daily SMA50 1923.56
Daily SMA100 1936.82
Daily SMA200 1927.29
 
Levels
Previous Daily High 1879.68
Previous Daily Low 1857.74
Previous Weekly High 1947.47
Previous Weekly Low 1913.95
Previous Monthly High 1966.08
Previous Monthly Low 1884.85
Daily Fibonacci 38.2% 1866.12
Daily Fibonacci 61.8% 1871.3
Daily Pivot Point S1 1854.9
Daily Pivot Point S2 1845.35
Daily Pivot Point S3 1832.96
Daily Pivot Point R1 1876.84
Daily Pivot Point R2 1889.23
Daily Pivot Point R3 1898.78

 

 

 

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