Gold New York Price Forecast: XAU/USD consolidates gains, trades above $1600/oz


  • XAU/USD surged as the Fed announced no limit to its bond-buying program.
  • The level to beat for buyers is the 1630 level. 
 

XAU/USD daily chart

 
After a sharp drop at the start of the month, gold is rebounding up violently as this Monday the Fed announced its largest stimulus scheme. 
 

XAU/USD four-hour chart

 
The metal is consolidating the strong advanced made in the last three days as the market holds above the main SMAs on the four-hour chart. As bulls regained control of the market XAU/USD is likely looking to extend gains on a break above the 1628 level en route towards the 1660 resistance and 1700 figure while support is expected to hold near 1605, 1590 and 1560 levels. 
 
 
Resistance: 1628, 1660, 1700
Support: 1605, 1590, 1560
 

Additional key levels

XAU/USD

Overview
Today last price 1608.04
Today Daily Change -20.71
Today Daily Change % -1.27
Today daily open 1628.75
 
Trends
Daily SMA20 1590.63
Daily SMA50 1584.57
Daily SMA100 1537.18
Daily SMA200 1505.67
 
Levels
Previous Daily High 1633.71
Previous Daily Low 1552.78
Previous Weekly High 1561
Previous Weekly Low 1451.3
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1602.79
Daily Fibonacci 61.8% 1583.7
Daily Pivot Point S1 1576.45
Daily Pivot Point S2 1524.15
Daily Pivot Point S3 1495.52
Daily Pivot Point R1 1657.38
Daily Pivot Point R2 1686.01
Daily Pivot Point R3 1738.31

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD extends slump after NFP shows massive job loss

EUR/USD is trading below 1.08, down on the day. The Non-Farm Payrolls report has shown a loss of 701,000 jobs, worse than expected. The ISM Non-Manufacturing PMI surprised to the upside with 52.5 points. 

EUR/USD News

GBP/USD drops below 1.23 amid sour mood, after UK data

GBP/USD has dropped below 1.23 as the market mood sours. Final UK Services PMI dropped to 34.5 points, worse than expected.  

GBP/USD News

NFP Quick Analysis: 701K jobs lost only be tip of the iceberg, why King Dollar is ready for coronation

The US lost 701,000 jobs in March, the worst in 11 years. The Non-Farm Payrolls figures are lagging the fast-moving events. Wage growth is also skewed and should be ignored. The safe-haven dollar has room to rise. 

Read more

WTI trades in three-week’s highs near $26.50 a barrel

WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.

Oil News

Gold remains confined in a range, moves little post-NFP

Gold extended its sideways consolidative price action around the $1615 region and had a rather muted reaction to the US monthly employment details

Gold News

Forex MAJORS

Cryptocurrencies

Signatures