Gold Price News and Forecast: Gold prints fresh three-month high above $1520, takes-out 61.8% Fib

Yohay Elam FXStreet

Gold keeps cheering broad USD weakness while heading into the end of 2019

Gold takes the bids to $1,515 amid the initial Asian session on the last day of 2019. While overall declines of the greenback please the buyers, optimism surrounding the major consumer and geopolitical tension adds strength into the safe-haven.

The USD keeps the losses running while declining to the lowest since July 03. The traders’ fraternity seems to adjust the year-end open positions while downbeat prints of the US Dallas Fed Manufacturing Business Index offered additional weakness to the US currency.

Gold Technical Analysis: Prints fresh three-month high above $1520, takes-out 61.8% Fibonacci

Gold takes the bids to $1,521.50 during the initial trading session on Tuesday. In doing so, the yellow metal successfully breaks 61.8% Fibonacci retracement level of the declines from September to November.

Bulls are now gearing up to confront the September 24 high, near $1,525, ahead of targeting the September month top, at $1,557.

XAU/USD

Overview
Today last price	1521.33
Today Daily Change	6.69
Today Daily Change %	0.44
Today daily open	1514.64

Trends
Daily SMA20	1481.93
Daily SMA50	1479.12
Daily SMA100	1492.73
Daily SMA200	1419.84

Levels
Previous Daily High	1516.17
Previous Daily Low	1510.85
Previous Weekly High	1517.4
Previous Weekly Low	1477.55
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1514.14
Daily Fibonacci 61.8%	1512.88
Daily Pivot Point S1	1511.61
Daily Pivot Point S2	1508.57
Daily Pivot Point S3	1506.29
Daily Pivot Point R1	1516.93
Daily Pivot Point R2	1519.21
Daily Pivot Point R3	1522.25

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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