Gold Price News and Forecast: XAU/USD extends sideways grind near $1,850
|XAU/USD analysis: Remains above 1,820.00
On Wednesday, the XAU/USD exchange rate bounced off the Fibo 23.60% at 1,860.59. Given that yellow metal is pressured by the 55– and 100-hour moving averages near 1,853.00, it is likely that some downside potential could prevail in the market. The rate could decline below the 1,820.00 mark.
In the meantime, it is unlikely that bulls could prevail in the market in the short term, and the price for gold could exceed the 1,893.00 mark due to the resistance provided by the 200-hour SMA. Read more...
Gold Price Analysis: XAU/USD extends sideways grind near $1,850
The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849. On the four-hour chart, the Relative Strength Index (RSI) indicator is moving sideways a little below 50, confirming the pair's indecisiveness in the near term.
The initial resistance for gold aligns at $1,852, where the Fibonacci 23.6% retracement of the sharp decline seen from January 6 to 11 is located. Above that level, the 200-SMA is the next hurdle at $1,865. In the past seven trading days, XAU/USD failed to break above that level and if it manages to do so, it could target the next Fibo retracement level at $1,872. Read more...
Pandemic 2020 is gone; will 2021 be better for gold?
Hurray! The disastrous year of 2020, which brought about the COVID-19 pandemic , the Great Lockdown , and the economic crisis , is over! Now, the question is what will 2021 be like – both for the U.S. economy and the gold market.
To provide an answer, below I analyze the most important economic trends for the next year and their implications for the yellow metal. 1. Society gains herd immunity by vaccination and the health crisis is overcome. 2. With herd immunity approaching, the social fabric returns to normality, and the economy recovers. Read More...
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