Gold Price Analysis: XAU/USD eyes 38.2% Fib retracement support

Gold's weekly chart momentum studies have turned bearish.
The metal risks falling to key support at $1,836.

Omkar Godbole FXStreet Contributor

Gold looks set to extend its recent decline to $1,836 – the 38.2% Fibonacci retracement of March to August rally – as crucial technical indicators have rolled over in favor of the bears.

The weekly chart MACD histogram, an indicator used to gauge trend strength and trend changes, is now printing a deeper bar below the zero line, a sign of the strengthening of the downward momentum.

The 5- and 10-week simple moving averages have produced a negative crossover.

Further, last week's bearish marubozu candle shows bearish sentiment is quite strong.

As such, a drop to support at $1,836 looks likely. A close above the last week's high of 1,966 is needed to invalidate the bearish outlook.

At press time, gold is trading largely unchanged on the day at $1860 per ounce. Prices fell by over 4% last week as the US dollar's broad-based recovery rally gathered pace.

Weekly chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1859.61
Today Daily Change	-2.15
Today Daily Change %	-0.12
Today daily open	1861.76

Trends
Daily SMA20	1930.4
Daily SMA50	1942.58
Daily SMA100	1845.41
Daily SMA200	1724.82

Levels
Previous Daily High	1875.23
Previous Daily Low	1852.46
Previous Weekly High	1955.66
Previous Weekly Low	1848.84
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1861.16
Daily Fibonacci 61.8%	1866.53
Daily Pivot Point S1	1851.07
Daily Pivot Point S2	1840.38
Daily Pivot Point S3	1828.3
Daily Pivot Point R1	1873.84
Daily Pivot Point R2	1885.92
Daily Pivot Point R3	1896.61

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD recedes to daily lows near 1.1770

EUR/USD is losing some momentun, easing to daily troughs around 1.1770 on turnaround Tuesday. The pair’s pullback comes amid solid gains in the US Dollar, all amid lingering uncertainty around US tariffs ahead of comments from Fed officials.

GBP/USD comes under pressure below 1.3500, focus on BoE

GBP/USD is on the defensive again on Tuesday, hovering below the 1.3500 mark as the Greenback stages a firm rebound after two soft sessions. Investors, in the meantime, are expected to closely follow BoE official’s comments later in the day.

Gold fades the advance, back to $5,100

Gold is giving back a good portion of the recent multi-day rally, receding to the boundaries of the $5,100 region per troy ounce amid the marked rebound in the Greenback. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Crypto Today: Bitcoin, Ethereum, XRP come under renewed pressure amid ETF outflows, tariff uncertainty

Bitcoin, Ethereum and Ripple are trading under increasing selling pressure at the time of writing on Tuesday, as market participants navigate renewed tariff uncertainty. The Crypto King holds above $63,000, down 2% intraday from its $64,656 open.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

Dogecoin, Shiba Inu, and Pepe extend losses on bearish signals

Meme coins are facing renewed selling pressure amid fading broad risk-on sentiment so far this week, with Dogecoin, Shiba Inu, and Pepe extending their losses after recent corrections.