Gold Price News and Forecast: XAU/USD - How far will Gold reach before the upcoming reversal?

FXStreet Team FXStreet

Gold spot ($) Intraday: The bias remains bullish

Pivot (invalidation): 1458.00

Our preference
Long positions above 1458.00 with targets at 1466.50 & 1469.00 in extension.

Alternative scenario
Below 1458.00 look for further downside with 1453.50 & 1450.00 as targets.

Comment
The RSI is mixed with a bullish bias.

How Far Will Gold Reach Before the Upcoming Reversal?

Just when most traders thought that the previous week is going to end in the red for gold, something exceptional happened. The USD Index reversed after rallying, and gold rallied sharply in response. In the end, gold ended the week in the green by forming a clear weekly reversal.

That was actually the second weekly reversal that we saw recently. Why is this important? Because of what happened shortly after we saw the opposite of it not so long ago. Read more...

Gold: Back in the red around $ 1460 amid USD comeback

Gold failed to capitalize on its recent recovery and fell back into the red zone on Tuesday, in response to the broad-based US dollar come back from weekly lows amid a bounce in the US Treasury yields. At the press time, the yellow metal trades near daily lows of $ 1459.92, down 0.20% so far.

The spot rallied nearly $ 10 on Monday after the US dollar was dumped across its main competitors on downbeat US ISM Manufacturing PMI and President Trump’s currency jawboning.

However, the recovery lost legs near 1465 levels, a surprise upturn in the Chinese manufacturing sector eased China's economic slowdown fears and acted as a drag on the safe-haven gold. Read more...

XAU/USD

Overview
Today last price	1463.32
Today Daily Change	0.30
Today Daily Change %	0.02
Today daily open	1463.02

Trends
Daily SMA20	1465.91
Daily SMA50	1484.7
Daily SMA100	1485.46
Daily SMA200	1402.03

Levels
Previous Daily High	1465.04
Previous Daily Low	1454.05
Previous Weekly High	1466.62
Previous Weekly Low	1450.74
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1458.25
Daily Fibonacci 61.8%	1460.84
Daily Pivot Point S1	1456.37
Daily Pivot Point S2	1449.72
Daily Pivot Point S3	1445.38
Daily Pivot Point R1	1467.36
Daily Pivot Point R2	1471.7
Daily Pivot Point R3	1478.35

Author

FXStreet Team

FXStreet

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