Gold Price Forecast: XAU/USD accelerates above $1770, turns positive for the week

US dollar tumbles across the board and boosts XAU/USD.
Gold up a hundred dollars from Monday’s low.

Matías Salord FXStreet

Gold prices are up by more than 1% on Friday, boosted by lower US yields and a weaker greenback. XAU/USD trades at $1774, the highest level in a week.

University of Michigan’s Consumer Confidence report showed a sharp, unexpected decline to 70.2 in the main index, the lowest level since 2011. The numbers added fuel to the decline of the greenback across the board. The DXY is falling 0.50%, having the worst day in weeks. US yields tumbled after the latest economic numbers. The 10-year yield dropped to 1.30%, the lowest since Monday.

The combination of a weaker dollar and the rally in Treasuries pressured gold prices further to the upside. XAU/USD erased weekly losses and is in positive territory after a reversal of a $100 from the Monday flash crash low.

The weekly chart now offers a positive perspective for gold after the rebound from the key support at $1675. A close above $1760 would keep the door open to an extension of the current rally. The next strong barrier is seen at $1795.

Technical levels

XAU/USD

Overview
Today last price	1770.06
Today Daily Change	17.26
Today Daily Change %	0.98
Today daily open	1752.8

Trends
Daily SMA20	1793.08
Daily SMA50	1806.52
Daily SMA100	1804.59
Daily SMA200	1815.5

Levels
Previous Daily High	1758.21
Previous Daily Low	1741.65
Previous Weekly High	1831.81
Previous Weekly Low	1758.79
Previous Monthly High	1834.17
Previous Monthly Low	1765.74
Daily Fibonacci 38.2%	1751.88
Daily Fibonacci 61.8%	1747.98
Daily Pivot Point S1	1743.56
Daily Pivot Point S2	1734.33
Daily Pivot Point S3	1727
Daily Pivot Point R1	1760.12
Daily Pivot Point R2	1767.45
Daily Pivot Point R3	1776.68

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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