Gold Price News and Forecast: XAU/USD - Coronavirus, Powell and Gold
|Gold: renewed fears of Coronavirus drives safe haven flow once more [Video]
The near term consolidation of the past few days on gold has been playing into our neutral outlook. However, although the past couple of sessions have seen the bulls ushered to the side-lines, renewed fears of Coronavirus overnight have driven safe haven flow once more. Gold is subsequently testing higher again. Resistance in the $1572 (23.6% Fibonacci retracement of $1445/$1611) and $1577 (Monday’s intraday high) is being tested this morning. However, trading under $1591 (the February high) we see a continuation of what is developing into a multi-week range. For now, we are happy to retain our neutral stance for the near to medium term outlook. The unwinding moves on RSI (still drifting under 60) and MACD (still in a benign drift back towards neutral) backs this too. Read more...
Coronavirus, Powell and Gold
The number of cases and deaths by the new coronavirus have escalated quickly. However, the fears subsided and the stock market rebounded. How did gold perform, and what can we expect from the king of metals next?
Should We Stop Worrying about the Coronavirus?
Well, that was a quick escalation. On February 2, when we wrote the first Fundamental Gold Report about the coronavirus, there were 14,557 confirmed cases and 305 deaths. Yesterday, the World Health Organization reported almost 45,171 cases and 1115 deaths. So, the number of infections and death toll of coronavirus have surged in recent days. Moreover, China has changed today its diagnosis methodology (to include "clinically diagnosed" cases), confirming 15,152 new cases and 254 additional deaths. Hence, as the chart below shows, the total number of cases in China has reached 59,800, while the global number has already surpassed 60,000. Read more...
Gold New York Price Forecast: XAU/USD bulls looking for a break above 1577 resistance
Gold is trading in an uptrend above its main daily simple moving averages (SMAs). XAU/USD is evolving in an upward channel while the market is being supported above the 1560.00 figure.
Gold four-hour chart
XAU/USD is challenging the 1577.00 resistance while trading above the main SMAs on the four-hour chart suggesting a bullish momentum in the medium term. Read more...
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