Gold Price News and Forecast: XAU/USD is trapped in daily support and resistance


Gold Price Analysis: XAU/USD struggles below $1,800 amid risk-off mood

Gold steps back from intraday high while flashing $1,772 as a quote amid Friday’s Asian session. In doing so, the yellow metal rejects the initial consolidation of the biggest losses in 14 days marked on Thursday. Although mildly negative S&P 500 Futures and sustained recovery of the US dollar index (DXY) seem to back the gold sellers, BioNTech’s hopes of finding a vaccine for Indian-origin covid strain seem to battle the moves.

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XAU/USD

Overview
Today last price 1769.71
Today Daily Change -2.25
Today Daily Change % -0.13
Today daily open 1771.96
 
Trends
Daily SMA20 1760.37
Daily SMA50 1745.4
Daily SMA100 1800.48
Daily SMA200 1855.94
 
Levels
Previous Daily High 1790.03
Previous Daily Low 1756.18
Previous Weekly High 1797.93
Previous Weekly Low 1763.7
Previous Monthly High 1759.98
Previous Monthly Low 1676.87
Daily Fibonacci 38.2% 1769.11
Daily Fibonacci 61.8% 1777.1
Daily Pivot Point S1 1755.42
Daily Pivot Point S2 1738.87
Daily Pivot Point S3 1721.57
Daily Pivot Point R1 1789.27
Daily Pivot Point R2 1806.57
Daily Pivot Point R3 1823.12

 

Gold Price Analysis: Bears seeking a daily close below the support

The price of gold is trapped in daily support and resistance but pressured at 4-hour resistance. The support is fragile, but the weekly bullish target is eyed at dynamic trend line resistance. The bulls are tiring at 4-hour resistance in a trapped environment on the daily chart

The following analysis illustrates the weekly prospects of a test to the upside if resistance breaks and where the bears need to accumulate for a downside test of the weekly support structure.

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