Gold Price News and Forecast: XAU/USD firm above 10-day SMA, 23.6% Fibonacci in focus
|India's Gold imports may rebound from a three-year low - All India Gem & Jewellery Domestic Council
Gold imports by India, the world's second-biggest consumer, may rebound in 2020 from a three-year low as the yellow metal is the only investment for the middle and lower-middle class and will have to buy, whatever the prices, according to N. Anantha Padmanaban, chairman of the All India Gem & Jewellery Domestic Council.
Key quotes (Source: Bloomberg): "Inbound shipments may climb to 750 tons from an estimated 690 tons last year."
Gold Price Analysis: Firm above 10-day SMA, 23.6% Fibonacci in focus
Following its sustained bounce off 10-day SMA, Gold prices seesaw near $1,560/61 during Tuesday’s Asian session.
The yellow metal now heads to 23.6% Fibonacci retracement of its rise between November 12 and January 08, around 1,572/73, a break of which could propel the quote towards January 06 top surrounding $1,587. Should there be increased buying past-$1,587, $1,600 and the monthly top of $1,611.30 could lure the bulls.
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