Gold Price News and Forecast: XAU/USD clings to modest recovery gains, lacks follow-through
|Gold is capped by 200-day SMA; holds in descending channel [Video]
Gold prices are posting some gains, touching the 200-day simple moving average (SMA), which is acting as strong resistance in the short-term. In the broader picture, the price has been holding in a descending channel since the pullback from the record high of 2,074.89 on August 7.
In terms of trend indicators, the Ichimoku lines are heading south alongside the 20- and 40-day SMAs. However, the %K line of the stochastic oscillator is posting a bullish crossover within the %D line above the oversold zone and the RSI is pointing marginally up in the negative zone, both suggesting some upside retracement. Read more...
Gold Price Analysis: XAU/USD clings to modest recovery gains, lacks follow-through
Gold staged a goodish intraday bounce from the vicinity of the $1800 mark, or seven-week lows, albeit struggled to capitalize on the move. The precious metal was seen trading with modest gains, around the $1835-30 region and remained capped below 50-hour SMA through the early North American session.
Meanwhile, the early downfall confirmed a near-term bearish breakthrough a one-week-old trading range and supports prospects for additional weakness. The negative outlook is further reinforced by the fact that oscillators on the daily chart have just started drifting into the bearish territory. Read more...
Gold Price Analysis: XAU/USD corrective pullback eyes $1,845, $1,858 resistances – Confluence Detector
Gold prices keep bounce off the fresh low since December 01, marked earlier in Asia, while picking up the bids around $1,837, up 0.74% intraday, during the pre-European session trading on Monday. The yellow metal initially had to respect the US dollar's run-up before bouncing off the key support.
Off in the US and a light calendar in Asia, except for China's mixed activity numbers, restrict the bullion's moves while challenges for the US President-elect Joe Biden and company join the coronavirus (COVID-19) worries to heavy the risks. Read more...
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