Gold Price News and Forecast: XAU/USD gaining ahead of tomorrow’s Fed release [Video]
|Gold: Bulls need to climb above $1720/$1725 to start changing this selling into strength' outlook [Video]
Today’s session could be a very important one. Price action has turned the positive outlook sour in recent weeks. The dominance of strong negative candlesticks is overpowering the attempted recoveries. This is reflected in the consistent failing of momentum as daily RSI, MACD and Stochastics track a path lower. Yesterday’s latest rebound brings the market to another near term crossroads. Since topping out at $1764, the rebound candlesticks have been treated as another chance to sell as the market sets towards a test of the medium term range lows $1660/$1670. Will this latest bounce be once more treated as another selling opportunity? The signals look worrying on the hourly chart this morning. The hourly RSI is again faltering around the 60 level, whilst Stochastics are already pulling lower and MACD lines are threatening another bear cross around neutral. Read More...
Gold gaining ahead of tomorrow’s Fed release
The gold futures contract gained 1.31% on Monday, as it retraced some of its last week's Friday's decline following much better than expected U.S. monthly jobs data release. Global markets went risk-on and gold has sold off as a safe-haven asset. On Monday a week ago the price has reached slightly above $1,760 and Friday's daily low fell at $1,671.70. Gold continues to trade close to the bottom of its medium-term consolidation, as we can see on the daily chart.
Gold is gaining 0.5% this morning, as it retraces more of its Friday's sell-off. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals? Silver gained 2.37% on Monday and today it is 0.9% lower. Platinum gained 3.71% and today it is 1.3% lower. Palladium gained 4.32% yesterday and today it is 2.8% lower. So precious metals' prices are mixed today. Read More...
Gold Price Analysis: XAU/USD extends daily rally to $1,710
The troy ounce of the precious metal lost more than $50 last week as the risk rally made it difficult for gold to attract investors as a safe-haven. After staging a technical recovery and posting modest daily gains on Monday, the XAU/USD pair stretched higher on Tuesday and was last seen gaining 0.7% on the day at $1,710.30.
Renewed worries about the coronavirus with new infections increasing at its strongest pace since the outbreak on Monday is keeping investors on the back foot. Mirroring the risk-off environment, Germany's DAX 30 Index and the Euro Stoxx 50 Index are both down 1.85% on the day. Additionally, the S&P 500 futures are losing 0.85% to suggest that Wall Street is likely to open in the negative territory. Read More...
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