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13 Mar 2020
Gold Price Analysis: XAU/USD hammered down, trades in 10-week’s lows, nearing $1500/oz
- XAU/USD is on track to record its worst weekly decline since September 2011.
- Further weakness could be expected in the medium term.
XAU/USD weekly chart
Gold is trading in a bull trend above the main SMAs. However, this week the market is on track to record its worst weekly decline since September 2011, erasing 10 weeks of gains in only 5 trading days.
XAU/USD daily chart
XAU/USD slashed through the 1548/1557 support zone as it is challenging the 100 SMA on the daily chart. As bears took the market by surprise, gold can potentially extend losses towards the 1500 level near the 200 SMA with the possibility to fall further towards the 1480 and 1440 levels. Resistance can be expected near 1530 and in the 1548/1557 price zone.
Resistance: 1530, 1548, 1557
Support: 1500, 1480, 1440
Additional key levels