Gold Price Analysis: XAU/USD ends 2020 hovering near $1900, with a 22% gain


  • Gold have the best year since 2010, rising $350 or 22%.
  • XAU/USD continues to test the $1900 area, a critical short-term resistance.

Gold is about to end the year with a bullish bias, testing the $1900 barrier, supported by a US dollar decline. It gained 22% over the year and hit a record high at $2075 back in August. It then pulled back, hitting levels under $1800.

The rally of XAU/USD from the November low near $1760 faces a strong resistance at $1900. A break above could open the doors to more gain. The daily chart points to the upside in gold, but while below $1900, gains are seen as limited. A slide under $1875 would weaken the outlook.

In December, the metal rose more than 6% after falling during the previous four months on a correction from record-high levels. It resumed the upside and consolidated 2020 gains. It is the best year for gold since 2010.

Other metals also have a great year, with silver gaining more than 45%, Palladium by 20%, and Platinum by 11%.

Technical levels

XAU/USD

Overview
Today last price 1897.08
Today Daily Change 3.78
Today Daily Change % 0.20
Today daily open 1893.3
 
Trends
Daily SMA20 1862.7
Daily SMA50 1866.26
Daily SMA100 1895.6
Daily SMA200 1828.84
 
Levels
Previous Daily High 1893.62
Previous Daily Low 1876.16
Previous Weekly High 1906.87
Previous Weekly Low 1855.28
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1886.95
Daily Fibonacci 61.8% 1882.83
Daily Pivot Point S1 1881.77
Daily Pivot Point S2 1870.23
Daily Pivot Point S3 1864.31
Daily Pivot Point R1 1899.23
Daily Pivot Point R2 1905.15
Daily Pivot Point R3 1916.69

 

 

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