XAU/USD lost more than 1% last week and closed near $1,880.
Bearish pressure could gather strength is gold drops below $1,860.
100-day SMA at $1,890 aligns as first resistance.
The XAU/USD pair suffered heavy losses on Wednesday and Thursday but staged a rebound on Friday. Despite the fact that the pair gained 0.6% on the last day of the week, it closed 1.2% lower on a weekly basis at $1,879. XAU/USD technical outlook On Thursday, gold touched its lowest level in a month at $1,860, where the Fibonacci 61.8% retracement of June-August rally is located. Although strong support seems to have formed around that level with the price turning north on Friday, the pair closed the third straight day below the 100-day SMA at $1,890. Unless XAU/USD successfully makes a daily close above $1,890, it is likely to retest $1,860. Below $1,860, $1,850 (September 24/26 low) […]
Click here to view original web page at www.fxstreet.com
- Do contribute something to the discussion
- Do post factual information, analysis and your view on company valuations
- Do disclose if you have an interest in a security
- Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
- Do not complain about a post unless you have reported it first, and not on the forum.
- Do not post financial advice
- Do not advertise or post sponsored content
Come and join our community. Expand your network and get to know new people!