Gold Price News and Forecast: XAU/USD - Dollar pulls back as predicted
|Week Ahead Commodity Report: Gold, Silver & Crude Oil Price Forecast: 24 - 28 February 2020 [Video]
Gold prices soared within striking distance of $1700 an ounce on Monday – their highest level since February 2013, as rising Coronavirus fears sparked a rush for safe-havens.
The total number of people infected around the world climbed to more than 80,000 on Monday, across 30 countries. Italy now has the highest number of Coronavirus infections outside Asia, with 54 new cases reported in the country's northern region on Sunday, bringing the total to 283.
Elsewhere, over the weekend G-20 policy makers from the world’s largest economies announced that the fast-spreading virus is a major risk, which threatens to inflict a prolonged global economic slowdown.
The disruption comes at a fraught time for policy makers, who are struggling to find new ways to boost global economic growth when many of them are already operating with record-low interest rates, limiting their ability to provide stimulus through monetary policy. Read more...
Gold/U.S. Dollar pulls back as predicted
Gold prices had an incredible run within a short period from 1550.00 to 1690.00 in a Month an increase of 9% took its final three targets as highlighted in my previous update and fell to 1633.00. Gold prices bounced back, but upside moves were challenged at 1655.00 which saw prices pushed down between 1655.00 and 1640.00 range.
The precious metal is trading in a correction zone currently consolidating and needs to hold above 1655.00 to head back up. Gold prices could head down to 1630.00 and 1615.00 if it fails at 1640.00 support. Read more...
GOLD (XAUUSD) – Broken Above Multi-Year Key S/R Zone
After a brief pullback between August and November last year, bulls eventually managed to build enough positions and strength to push price through the long-term S/R zone that has acted as both support and resistance since 2011.
Trending Analysis
Our bias is bullish and weak pullbacks into the broken long-term resistance which now should act as support can offer potential trading opportunities to bulls. Read more...
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