– Spot Gold prices are slipping back into the middle after Tuesday saw a push above $1,930.
– XAU/USD remains well-bid, sticking to the high end of last week’s rally.
– Inflation fears remain a key factor in Gold prices as investors keep one foot in safety.
XAU/USD kicked off Tuesday trading near $1,919 before seeing a steady rise into an intraday high of $1,931.65, but the day’s momentum is proving short-lived as Gold bids settle back into near-term consolidation $1,920.
US Retail Sales broadly beat market estimates, with the headline figure for September printing at 0.7% versus the forecast 0.3%, with the previous period also seeing an upwards revision from 0.6% to 0.8%.
US Retail Sales rose 0.7% in September vs.0.3% anticipated
The Retail Sales beat sent the US Dollar (USD) broadly lower against the market, giving risk assets a solid push up the charts, and while spot Gold prices saw some bullish play as investors remain concerned about a bumper US economy threatening to push the Federal Reserve (Fed) further away from anticipated rate cuts in 2024, the US Retail Sales figure isn’t a solid indicator of possible inflation.
XAU/USD Technical Outlook
Near-term action sees spot Gold prices bidding into the 50-hour Simple Moving Average (SMA), with action hobbled near $1,920 and bidders struggling to take XAU/USD higher, while short-sellers are seeing significant headwinds with Gold prices firmly bullish and trading well above the 200-hour SMA.
Daily candlesticks see XAU/USD facing a technical rejection from the 200-hour SMA near $1,930 after a 6.8% climb from the last swing low into $1,810, and near-term technical indicators are warning of possible consolidation on the charts with a flat 50-day SMA trapping prices in the middle.
XAU/USD Daily Chart
XAU/USD Technical Levels
XAU/USD
|Overview|
|Today last price||1919.91|
|Today Daily Change||0.12|
|Today Daily Change %||0.01|
|Today daily open||1919.79|
|Trends|
|Daily SMA20||1877.74|
|Daily SMA50||1901.06|
|Daily SMA100||1923.04|
|Daily SMA200||1929.45|
|Levels|
|Previous Daily High||1933.24|
|Previous Daily Low||1908.23|
|Previous Weekly High||1933.34|
|Previous Weekly Low||1832.62|
|Previous Monthly High||1953.01|
|Previous Monthly Low||1846.37|
|Daily Fibonacci 38.2%||1917.78|
|Daily Fibonacci 61.8%||1923.69|
|Daily Pivot Point S1||1907.6|
|Daily Pivot Point S2||1895.41|
|Daily Pivot Point S3||1882.59|
|Daily Pivot Point R1||1932.61|
|Daily Pivot Point R2||1945.43|
|Daily Pivot Point R3||1957.62|
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