The gold price is expected to continue facing downward pressure following the ECB’s recent decision and in anticipation of upcoming US data, with XAUUSD trading at 1,928.99.
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- The pair currently trades last at 1928.99.
- Pivot support is noted at 1934.72, 1926.94, 1914.14
- Pivot resistance is noted at 1955.3, 1968.1, 1975.88
The previous day high was 1960.33 while the previous day low was 1939.75. The daily 38.2% Fib levels comes at 1947.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1952.47, expected to provide resistance.
Gold prices continue to remain under pressure, trading at their lowest level in three months below $1,930. Although XAU/USD rebounded marginally to $1,931 after the European Central Bank (ECB) decision, it dropped later to fresh monthly lows at $1,928.
The yellow metal is currently moving with a bearish bias, which has been the case since the Wednesday Federal Reserve meeting. If there is consolidation below $1,930, the next support area around $1,920 would be exposed. To alleviate the bearish pressure, XAU/USD needs to surpass $1,940.
The ECB announced on Thursday that it raised key rates by 25 basis points (bps) following the June policy meeting, as expected. They also projected that inflation would remain too high for too long. ECB President Lagarde will be holding a press conference at 12:45 GMT. German yields are rising.
Follow our live coverage of the market reaction to the ECB’s policy announcements.
Before Lagarde’s press conference, several economic reports will be released by the US, including Jobless Claims, Retail Sales, NY Empire State, Philly Fed, and later Industrial Production figures. These numbers could become critical, considering that the Fed left the door open to more rate hikes.
Technical Levels: Supports and Resistances
XAUUSD currently trading at 1928.31 at the time of writing. Pair opened at 1942.49 and is trading with a change of -0.73 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1928.31 |
| 1 | Today Daily Change | -14.18 |
| 2 | Today Daily Change % | -0.73 |
| 3 | Today daily open | 1942.49 |
The pair is trading below its 20 Daily moving average @ 1957.77, below its 50 Daily moving average @ 1987.58 , below its 100 Daily moving average @ 1941.68 and above its 200 Daily moving average @ 1845.19
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1957.77 |
| 1 | Daily SMA50 | 1987.58 |
| 2 | Daily SMA100 | 1941.68 |
| 3 | Daily SMA200 | 1845.19 |
The previous day high was 1960.33 while the previous day low was 1939.75. The daily 38.2% Fib levels comes at 1947.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1952.47, expected to provide resistance.
Note the levels of interest below:
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1960.33 |
| Previous Daily Low | 1939.75 |
| Previous Weekly High | 1973.15 |
| Previous Weekly Low | 1938.15 |
| Previous Monthly High | 2079.76 |
| Previous Monthly Low | 1932.12 |
| Daily Fibonacci 38.2% | 1947.61 |
| Daily Fibonacci 61.8% | 1952.47 |
| Daily Pivot Point S1 | 1934.72 |
| Daily Pivot Point S2 | 1926.94 |
| Daily Pivot Point S3 | 1914.14 |
| Daily Pivot Point R1 | 1955.30 |
| Daily Pivot Point R2 | 1968.10 |
| Daily Pivot Point R3 | 1975.88 |
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