Gold Price Analysis: XAU/USD registered highest close in nearly 8 years above $1,770


  • Gold closed the third straight week in the positive territory.
  • Risk-averse market environment provides a boost to safe-haven gold.
  • Markets are likely to continue to react to coronavirus headlines.

The troy ounce of the precious metal gained 1.5% last week and posted its highest daily/weekly close since October of 2012 at $1,771. 

Heightened concerns over a second economic lockdown in the US amid the surging number of confirmed coronavirus cases caused risk-off flows to continue to dominate the financial markets. Florida reported nearly 9,000 new COVID-19 cases on Friday while Texas decided to close bars and limit restaurants' capacity to 50% to limit the spread of the virus. 

Wall Street's main indexes lost between 2.4% and 2.8% on Friday to reflect the intense flight-to-safety, which ramped up the demand for safe-haven gold.

At the start of the next week, there won't be any significant macroeconomic data releases featured in the economic docket and investors are likely to react to weekend's coronavirus figures from the US.

Technical levels to watch for

XAU/USD

Overview
Today last price 1771.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1771.34
 
Trends
Daily SMA20 1732.05
Daily SMA50 1722.11
Daily SMA100 1667.98
Daily SMA200 1586.78
 
Levels
Previous Daily High 1772.04
Previous Daily Low 1747.59
Previous Weekly High 1779.41
Previous Weekly Low 1742.97
Previous Monthly High 1765.38
Previous Monthly Low 1670.72
Daily Fibonacci 38.2% 1762.7
Daily Fibonacci 61.8% 1756.93
Daily Pivot Point S1 1755.27
Daily Pivot Point S2 1739.21
Daily Pivot Point S3 1730.82
Daily Pivot Point R1 1779.72
Daily Pivot Point R2 1788.11
Daily Pivot Point R3 1804.17

 

Gold daily chart

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 bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures