Gold Price Forecast: XAU/USD rebounds from monthly lows, still under pressure near critical $1,820

• US Q4 GDP revised lower, inflation indicators revised higher.
• Jobless Claims, Chicago Fed Activity surpassed expectations.
• Gold’s rebound fails to rise above $1,830.

Gold prices rebounded after hitting fresh monthly lows amid risk appetite and an intraday reversal of the US Dollar. XAU/USD bottomed at $1,817 following the release of US economic data, the lowest level since late December and then bounced back toward the $1,830 area.

Data released in the US came in mixed. Initial Jobless Claims dropped to 192K, the lowest level in three weeks. The second reading of Q4 GDP showed a lower annualized growth rate of 2.7% below the 2.9% of the previous estimate. Inflation indicators of the GDP report were revised higher. The Chicago Fed’s National Activity Index rose from -0.43 to 0.23, surpassing expectations.

XAU/USD daily chart

Investors continue to digest the FOMC minutes and the new economic numbers. The Dow Jones is climbing 0.43% and the Nasdaq is rising 0.50%. US yields are modestly lower, hovering near monthly highs.

The US Dollar peaked after the release of US data while Gold bottomed at $1,817, the lowest since December 30. The yellow metal then rebounded toward $1,830 but it was unable to rise back above that key short-term level.

Following Wall Street’s opening bell the Dollar gained momentum again and pushed XAU/USD back to the downside. XAU/USD is approaching the $1,820 area, which is critical. A consolidation below would open the doors to more weakness, targeting initially $1,812.

XAU/USD

OVERVIEW
Today last price	1826.29
Today Daily Change	1.43
Today Daily Change %	0.08
Today daily open	1824.86

TRENDS
Daily SMA20	1875.26
Daily SMA50	1864.05
Daily SMA100	1790.08
Daily SMA200	1776.28

LEVELS
Previous Daily High	1846.11
Previous Daily Low	1823.63
Previous Weekly High	1870.71
Previous Weekly Low	1818.93
Previous Monthly High	1949.27
Previous Monthly Low	1823.76
Daily Fibonacci 38.2%	1832.22
Daily Fibonacci 61.8%	1837.52
Daily Pivot Point S1	1816.96
Daily Pivot Point S2	1809.05
Daily Pivot Point S3	1794.48
Daily Pivot Point R1	1839.44
Daily Pivot Point R2	1854.01
Daily Pivot Point R3	1861.92