Gold Price News and Forecast: XAU/USD retreats within Ichimoku cloud; bears take control in near term
|The Gold Market in 2019
How good was 2019 for the precious metals market? It definitely brought quite some excitement to the arena. In today's article, you'll learn more about the most important gold price drivers in 2019. This analysis will help you better understand the gold market, and draw the right investment conclusions for 2020.
Another year has passed! And we gave another accurate prediction. In the January 2019 edition of the Market Overview, we wrote:
All these factors make us to believe that 2019 fundamental outlook for the gold market is better than one year ago (...) Hence, we should see better price performance next year.
Fast forward to January 2020 – we line now in the twenties! – it turned out that we were right again. Just look at the chart below, which paints the gold prices over the last year. The yellow metal entered 2019 quoted at $1279, and finished the year at $1474 (as of December 18). Read more...
Gold retreats within Ichimoku cloud; bears take control in near term [Video]
Gold has declined considerably over the last couple of trading days after the touch on the almost seven-year peak of 1,611 on January 8. The price entered the Ichimoku cloud and is capped by the bearish crossover within the short-term 20- and 40-period simple moving averages (SMAs), assuming a negative correction.
The technical indicators in the 4-hour chart seem to be neutral to bearish. The RSI indicator has just dropped beneath the 50 level with nearly flat momentum, while the MACD oscillator is moving sideways around the zero level. However, the stochastic bounced off the 80 territory and created a negative cross between the %K and %D lines. Read more...
Gold slide to $1550 area; erases Friday’s positive move
Gold edged lower on the first day of a new trading week and is currently placed near the lower end of its daily trading range, around $1550 level.
The precious metal failed to capitalize on Friday's post-NFP positive move and met with some fresh supply on Monday. The prevailing risk-on mood was seen as one of the key factors weighing on the precious metal's safe-haven status and exerting pressure.
The global risk sentiment remained well supported by the de-escalation of geopolitical tensions in the Middle East and was further boosted by optimism over the signing of the long-awaited phase-one trade deal between the world's two largest economies. Read more...
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