Gold Price Analysis: XAU/USD ticks up to $1,910 and turns positive on the day


  • Gold bounces from $1,900 support area and returns to $1,910.
  • XAU/USD appreciates moderately as risk aversion eases.

Gold futures have found support right below the $1,900 area earlier today before inching up to $1,910, turning positive on daily charts. The precious metal lost ground, with the US dollar building up during the European session on Tuesday, to appreciate during the North American session with market sentiment improving moderately.

XAU/USD remains neutral around $1,900

From a wider perspective, bullion prices remain moving directionless within previous ranges, fluctuating both sides of the $1,900 level, with upside attempts capped around $1,910.

Investor’s concerns about the consequences of the second COVID-19 wave, with infections soaring in the US and in the major European economies, have crushed appetite for risk, boosting demand for the US dollar and weighing on the dollar-denominated gold.

Beyond that, renewed US-China tensions on the back of a potential sale of US missiles to Taiwan and the uncertainty about the upcoming presidential elections in the US have spooked traders away from risky assets.

The market mood seems to have improved somewhat during the US session, with US Durable Goods Orders September and Housing Prices increasing beyond expectations. Equity markets have experienced a moderate recovery and the US dollar has trimmed gains, which has offered some support for the yellow metal.

Technical levels to watch

XAU/USD

Overview
Today last price 1909.7
Today Daily Change 7.65
Today Daily Change % 0.40
Today daily open 1902.05
 
Trends
Daily SMA20 1902.86
Daily SMA50 1921.41
Daily SMA100 1883.41
Daily SMA200 1763.61
 
Levels
Previous Daily High 1908.66
Previous Daily Low 1891.32
Previous Weekly High 1931.54
Previous Weekly Low 1894.48
Previous Monthly High 1992.42
Previous Monthly Low 1848.82
Daily Fibonacci 38.2% 1902.04
Daily Fibonacci 61.8% 1897.94
Daily Pivot Point S1 1892.69
Daily Pivot Point S2 1883.34
Daily Pivot Point S3 1875.35
Daily Pivot Point R1 1910.03
Daily Pivot Point R2 1918.02
Daily Pivot Point R3 1927.37

 

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD slides to multi-month lows below 1.0650

EUR/USD slides to multi-month lows below 1.0650

EUR/USD stays under heavy bearish pressure and trades at its lowest level since November below 1.0650. Divergent ECB-Fed policy outlooks and the risk-averse market atmosphere keep the US Dollar strongly bid and weigh on the pair.

EUR/USD News

GBP/USD extends decline below 1.2450 on sustained USD strength

GBP/USD extends decline below 1.2450 on sustained USD strength

GBP/USD extends losses and trades at fresh multi-month lows below 1.2450 even after the January month UK GDP was revised higher to 0.3%. The negative shift seen in risk mood fuels another leg higher in the USD and drags the pair lower.

GBP/USD News

Gold advances to new historic high above $2,400

Gold advances to new historic high above $2,400

Gold gathers bullish momentum ahead of the weekend and trades at a new record high above $2,400. Escalating geopolitical tensions help XAU/USD continue to push up despite the broad-based US Dollar strength.

Gold News

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Rich Dad Poor Dad author Robert Kiyosaki says he will not buy Bitcoin ETFs. Kiyosaki stated his dislike for Wall Street’s financial products and preferred packaging his own. 

Read more

Five fundamentals for the week ahead: Israel-Iran tensions, US Retail Sales, and more Premium

Five fundamentals for the week ahead: Israel-Iran tensions, US Retail Sales, and more

US Retail Sales data will provide an updated snapshot of the health of the economy. Chinese GDP may confirm the narrative that Beijing's stimulus is working. UK inflation data may push the Bank of England to early rate cuts.

Read more

Forex MAJORS

Cryptocurrencies

Signatures