Gold Price News and Forecast: XAU/USD keeps the red below $1950 level

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD licks wounds in the Fed aftermath, $1969 still in sight? – Confluence Detector

Gold (XAU/USD) attempts a tepid rebound after a Fed-driven rally in the US dollar gathered steam and downed the metal 1% this Thursday. The Fed offered an optimistic outlook on the economy but doused hopes of further stimulus amid expectations of a faster recovery in the jobs market and higher tolerance for inflation.

The not-so-dovish Fed outcome pushed the US Treasury yields higher and weighed on the stocks alongside the yieldless gold. Increased odds of a deal on the US fiscal relief package further collaborated with the downside in gold. Ahead of the US Jobless Claims data, let's see how it is positioned on the charts? Read more...

Gold keeps the red below $1950 level

Gold maintained its offered tone through the mid-European session and dropped to over one-week lows, around the $1937 region in the last hour, albeit quickly recovered a bit thereafter.

The previous metal witnessed some selling on Thursday and extended the previous day's post-FOMC retracement slide from two-week tops, around the $1974 region. The fact that the Fed gave no indications of additional stimulus turned out to be one of the key factors that undermined the non-yielding yellow metal. Read more...

Gold: 50-DMA support at $1932 is the level to beat for the bears

Despite the not-so-dovish Fed-induced gold's decline, gold managed to close the day in the green above $1950. The focus is now on the US fiscal stimulus talks and Initial Jobless Claims. Technically, XAU/USD finds solid support at the $1932 50-DMA support, as FXStreet's Dhwani Mehta notes.

Key quotes: "The world's most powerful central bank pledged to keep rates lower for longer while increasing tolerance for higher inflation. Fed's projection of faster recovery in the economy and jobs market pushed the Treasury yields higher alongside the dollar. Fresh hopes of the US Congress reaching a fiscal stimulus deal also underpinned the greenback." Read more...

XAU/USD

Overview
Today last price	1943.59
Today Daily Change	-15.41
Today Daily Change %	-0.79
Today daily open	1959

Trends
Daily SMA20	1945.01
Daily SMA50	1929.24
Daily SMA100	1831.41
Daily SMA200	1709.96

Levels
Previous Daily High	1973.64
Previous Daily Low	1949.93
Previous Weekly High	1966.54
Previous Weekly Low	1906.62
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1964.58
Daily Fibonacci 61.8%	1958.99
Daily Pivot Point S1	1948.07
Daily Pivot Point S2	1937.15
Daily Pivot Point S3	1924.36
Daily Pivot Point R1	1971.78
Daily Pivot Point R2	1984.57
Daily Pivot Point R3	1995.49

Author

FXStreet Team

FXStreet

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