Gold News Price Prediction: the $1,470 regions caps the upside ahead of data, Powell

  • The yellow metal remains firm around $1,470.
  • The weak note in the dollar pushes prices higher.
  • Fed’s Powell will testify again later today.

Prices of the precious metal keep the positive performance in the second half of the week, although the $1,470 region continues to cap the upside for the time being.

XAU/USD remains firm ahead of data, Powell

The positive streak in Gold prices is prolonging for another session on Thursday, always sustained by the resurgence of trade concerns and absence of real progress surrounding the US-China ‘Phase One’ deal. Increased uncertainty in the trade scenario has helped the safe havens to regain ground in the last couple of sessions.

Bullion has managed to test fresh tops around $1,470 earlier in the session and in response to a knee-jerk in the buck, although it has surrendered part of those gains afterwards. The up move in the safe haven metal remains under scrutiny, however, as Chief Powell reinforced the Fed’s ‘pause’ mode on Wednesday and US inflation surpassed forecasts during last month, all morphing into extra support for the dollar.

Moving forward, US Producer Prices and the weekly Initial Claims are due ahead of the second testimony by Chief Powell, while a slew of Fed-speakers should also keep the buck in centre stage

Gold key levels

As of writing Gold is gaining 0.35% at $1,468.14 and a breakout of $1,478.32 (100-day SMA) would expose $1,496.85 (55-day SMA) and then $1,519.70 (monthly high Oct.3). On the downside, the next support emerges at $1,456.08 (monthly low Nov.8) seconded by $1,449.39 (38.2% Fibo of the May-September rally) and finally $1,416.12 (50% Fibo of the May-September rally).

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

Latest Forex News

Editors’ Picks

EUR/USD flirting with key support amid risk-aversion

EUR/USD remains under pressure near the 200-hour SMA support The risk-off tone in the Asian stocks keeps the US dollar better bid.  The shared currency remains at the mercy of the broader market sentiment. Eurozone EcoFin Meeting's updates may move the single currency.


GBP/USD under pressure below 1.2600 amid risk-off mood

GBP/USD looks to extend the downside consolidative below 1.2600 in early Europe and remains vulnerable amid broad risk-aversion. Coronavirus fears offset UK fiscal stimulus optimism. UK turns down EU coronavirus vaccine scheme.


Gold: Well-defined battle lines point to range play around $1800

Gold nurses losses around the $1800 following Thursday’s good two-way businesses. The risk-off theme amid COVID-19 concerns continues to bode well for the US dollar. 

Gold News

WTI extends Thursday’s drop as virus cases rise

Oil extends overnight sell-off as virus concerns dominate the market sentiment. The resurgence of virus cases in the US has fueled lockdown fears. The US on Thursday registered 65,551 new cases, a record for a 24-hour period.

Oil News

Stocks fall, risk currencies follow, CAD Employment next

The USD finally came under some selling pressure on Thu after the US set another record high of more than 59,000 coronavirus cases on Wed. The numbers moderated a bit today but medical facilities across the nation are getting slammed.

Read more