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.

Matías Salord FXStreet

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

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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