Spot gold dropped about $80 last week as risk aversion fuelled Dollar strength, and the precious metal retreated from $1,125 high on Feb 3 to $1,043, 3-month low on Friday, to pick up on Monday's European session, reaching session high at $1.072 at the moment of writing.On the upside, XAU/USD might encounter resistance at $1,072/74 (Jan 28/29 low), and above here, probably at $1,082/85 (Dec 30/Jan 22 low) and 1.090 (Jan 29 high). On the downside, support levels lie at $1,064 session low, and below here, $1,058.5 and $1,043 (Feb 5 low).
AUD/USD decline from 0.9330 high on Mid January extended below 0.8600 on Friday to a fresh 4-month low at 0.8575, and the Aussie has picked up on European session to test 0.8700 resistance, which, so far remains intact. Resistance levels lie at 0.8700 and 0.8725. On the downside, support levels are 0.8635 and 0.8575.
