Spot gold is holding in red for the second straight day and fell to the lowest level in one week ($1479) on Friday.
Optimistic tones from top US/China trade negotiations, with good signals for possible solutions, prompted investors into riskier assets and put safe-havens on hold.
Daily techs turned to full bearish mode, following Thursday's penetration of daily cloud, loss of psychological $1500 support and close below pivotal support at $1496 (Fibo 38.2% of $1459/$1519 upleg).
Today's bearish extension cracked next pivot at $1482 (Fibo 61.8%), close below which would add to bearish signals, as the yellow metal is on track for strong bearish weekly close and forming bearish engulfing pattern.
Below $1482, bears would look for $1473 (Fibo 76.4%) and more significant daily cloud base ($1469).
Broken daily Tenkan-sen ($1489), guarding $1500 level and daily cloud top ($1505).

Res: 1482; 1489; 1496; 1500
Sup: 1473; 1469; 1464; 1459



Interested in XAU/USD technicals? Check out the key levels

    1. R3 1535.37
    2. R2 1526.11
    3. R1 1510.01
  1. PP 1500.74
    1. S1 1484.64
    2. S2 1475.38
    3. S3 1459.28

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD clings to 3.5-week’s high, trades above 1.1000 figure

The pair is challenging the 1.1047 resistance. EUR/USD bull recovery from 34-month lows remains intact. Further coronavirus headlines are awaited.


GBP/USD hits new 2020 low and bounces amid Brexit rhetoric, coronavirus headlines

GBP/USD is trading above 1.2800 after hitting a new 2020, nearing the 1.2700 figure, as concerns about a no-trade-deal Brexit are weighing on the pound. Modest recovery seen in USD during the American session keeps the bearish pressure intact.


XAU/USD tumbles near two-week’s lows, sub-$1600/oz

Gold has been dropping sharply this Friday while reaching the 200 SMA on the four-hour chart. XAU/USD bulls gave up as sellers took the market down sharply. The bears seem to be in charge and more down could potentially be expected. 

Gold News

WTI remains under pressure around $45.00

Nothing new around crude oil prices, with rising concerns on the Chinese COVID-19 and its potential impact on the economy and the demand for the commodity keeping traders’ sentiment well depressed.

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors