Gold Price News and Forecast: XAU/USD building a bullish case as COVID-19 reigns
|Gold Price Analysis: On the back foot below $1,600 inside falling channel
While defying Wednesday’s recovery moves, Gold prices drop to $1,585, down 0.40%, amid the early Thursday’s trading session. In doing so, the yellow metal remains inside a one-week-old descending trend channel while also staying below 200-bar SMA and 61.8% Fibonacci retracement of its March 09-16 declines.
That said, the bullion sellers also take clues from the bearish MACD while currently targeting 50% Fibonacci retracement near $1,577. Though, the channel’s support, around $1,561, could question further downside.
Gold building a bullish case as COVID-19 reigns
Gold is currently trading at $1,592.00, +0.22% on the day and travelling between a low of $1,587.84 and a high of $1,596.20 on a spot basis, albeit following a negative close in futures overnight for a fourth straight session loss despite the risks of COVID-19's spread.
The gold price has lost some bullish support of late as the US dollar moves higher, ending the last quarter on the front foot as a relatively illiquid market sees exaggerated moves adding to the upside support.
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