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


Today last price 1950.48
Today Daily Change 6.60
Today Daily Change % 0.34
Today daily open 1943.88
Daily SMA20 1944.86
Daily SMA50 1932.04
Daily SMA100 1833.98
Daily SMA200 1712.31
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



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

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD edges above 1.18 amid mixed US data, slim stimulus hopes

EUR/USD is trading above 1.30 after US Durable Goods Orders beat expectations but Consumer Confidence missed estimates. Hopes for a US stimulus deal are slim with a week left until the elections.


GBP/USD stabilizes above 1.30 amid Brexit and covid uncertainty

GBP/USD is hovering above the round 1.30 levels as rising UK COVID-19 cases, uncertainty about Brexit, and PM Johnson's political problems weigh on sterling. US data has been mixed.


XAU/USD pares early gains, turns flat near $1,900

For the third straight trading day on Tuesday, the XAU/USD pair is moving sideways above $1,900 as participants wait for the next significant catalyst. After climbing to a daily high of $1,910 earlier in the day, the pair lost its traction and was last seen trading virtually unchanged on the day at $1,902.

Gold News

Bitcoin breaks new yearly highs; the road to $15,000 is clear

Bitcoin breaks new yearly highs and hits $13,464. The road to $15,000 is clear as there are no major resistance levels above the current price.

Read more

WTI trims losses and moves near $39.00/bbl ahead of API

Following two consecutive daily pullbacks, prices of the West Texas Intermediate regain some buying interest and reach the $39.00 mark per barrel on turnaround Tuesday.

Oil News