Gold Price News and Forecast: XAU/USD – Investors buying the safe-haven asset amid coronavirus outbreak
|Gold Bulls Proceed with Utter Domination
Gold is very bullish as usual and the market continues to dominate global trend in 2020. We see a continuation of bullish move after a retracement.
1623-24 is the W L3 support. Gold is bouncing from the zone. We should see 1650 and 1664. Above 1662 we might see 1682 again. Have in mind that the ATR projected high is 1664 so the market might make a retracement in the zone. Read more...
Gold: Investors buying the safe-haven asset amid coronavirus outbreak
The gold futures lost 1.59% on Tuesday, as it erased its Monday’s rally. The price of gold has also retraced most of Friday’s advance, before closing 23 dollars above the daily low. It clearly shows how high short-term volatility is. Investors were buying the safe-haven asset amid corona virus outbreak, economic slowdown fears recently. But gold is retracing a big chunk of that rally after bouncing off $1,700 mark. Read more...
Gold surrenders early gains, refreshes session low around $1630 region
Gold surrendered its early modest gains and has now drifted into the negative territory, refreshing session lows around the $1634-335 region.
The precious metal failed to capitalize on the intraday positive move, rather met with some fresh supply near the $1655 region and was being weighed down by a combination of negative forces.
Despite growing concerns about the economic impact of the coronavirus outbreak, a modest recovery in the global risk sentiment weighed on the precious metal's perceived safe-haven status. Read more...
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