Gold Price Analysis: Still sideways leading into next week


  • Gold is trading 0.34% higher after another slow week.
  • The Fed did the precious metal no favours with no changes in policy.

Gold daily chart

Gold has had another tough week as the Fed disappointed the market with no real additional information about the new policies. There was one thing of now as the dot plot is now projecting the next rate rise could be in 2023. There were some outside calls for more stimulus to be added but Fed Chair Powell once again called for more help from the government in the form of fiscal stimulus. 

Looking at the chart, the key feature is the marks of lower highs and higher lows. This sideways action has been going on for a month now. The indicators are also firmly planted in the midsection. The MACD histogram and signal lines are near zero and the Relative Strength Index indicator is near 50. 

The trend is still very much an uptrend and if the key previous wave highs get broken then the uptrend could be back on. USD 1973.64 per troy ounce is the next level to watch on the upside and then beyond that, USD 2k is next. 

Overall, the market is looking to see if the recent dollar bear trend is reversing. The risk enviroment has been precarious, stocks have been moving lower toward the end of the week. Next week the PMI's are due to be released and this could give us further clarity about the state of the global economy. Another highlight will be Fed Chair Jerome Powell and US Treasury Secretary Mnuchin testify before a Senate committee. They will probably talk about the need for fiscal stimulus but you never know. 

Gold Price Analysis

Additional levels

XAU/USD

Overview
Today last price 1950.48
Today Daily Change 6.60
Today Daily Change % 0.34
Today daily open 1943.88
 
Trends
Daily SMA20 1944.86
Daily SMA50 1932.04
Daily SMA100 1833.98
Daily SMA200 1712.31
 
Levels
Previous Daily High 1961.04
Previous Daily Low 1932.88
Previous Weekly High 1966.54
Previous Weekly Low 1906.62
Previous Monthly High 2075.32
Previous Monthly Low 1863.24
Daily Fibonacci 38.2% 1943.64
Daily Fibonacci 61.8% 1950.28
Daily Pivot Point S1 1930.83
Daily Pivot Point S2 1917.77
Daily Pivot Point S3 1902.67
Daily Pivot Point R1 1958.99
Daily Pivot Point R2 1974.09
Daily Pivot Point R3 1987.15

 

 

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