Gold buyers are finding it challenging to maintain the price of $1,915.00 for Monday in the XAUUSD market.

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• Gold buyers are struggling to hang on to $1,915.00 for Monday.

The pair currently trades last at 1915.62.

The previous day high was 1929.16 while the previous day low was 1919.52. The daily 38.2% Fib levels comes at 1925.48, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1923.2, expected to provide resistance.

The XAU/USD took a step lower on Monday, knocking into $1,915.00 and seeing little relief pressure as the US Dollar (USD) catches bids across the board.

Spot gold prices have steadily drifted lower in 2023, peaking just below $2,080.00 back in early May. The XAU/USD is down almost 8% from the year’s high, but still remains well-supported looking long-term, with Gold up nearly 20% from last October’s lows of $1,650.00

Gold’s long-standing relationship with US Treasury yields has softened in recent months; while the yellow metal has a tendency to closely track with US yields, that relationship has broken down for most of 2023. US yields have appreciated considerably, but Gold remains unable to capitalize on bond momentum.

Despite downward price pressure, analysts are forecasting lofty end-of-year Gold spot valuations.

Commodity analysts from Société Générale (SocGen) see Gold capped under $2,000 to end the trading year, but 2024 is expected to see Gold prices improve to $2,200 by the end of 2024, on the back of easing inflation expectations and a slipping US Dollar Index.

Hourly candles see Gold flubbing to last week’s swing lows below $1,915.00, while the upside is set to be constrained by near-term resistance from the 100-hour Simple Moving Average (SMA) near $1,925.00.

On the daily candlesticks, the XAU/USD is seeing a notable lack of meaningful momentum, with Gold stuck near the 200-day SMA which is still moving bullish into $1,930.00.

Bidders will be looking to shove Gold back above $,1930.00 to continue a push higher, while sellers will be looking to take the XAU/USD down to August’s lows below $1,890.00.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1915.68 at the time of writing. Pair opened at 1925.26 and is trading with a change of -0.5 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1925.97, 50 SMA 1930.03, 100 SMA @ 1942.27 and 200 SMA @ 1925.57.

The previous day high was 1929.16 while the previous day low was 1919.52. The daily 38.2% Fib levels comes at 1925.48, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1923.2, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1920.13, 1915.01, 1910.49
• Pivot resistance is noted at 1929.77, 1934.29, 1939.41

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