Gold Price News and Forecast: XAU/USD ready for a falling wedge breakout on a close above $1913.50

FXStreet Team FXStreet

Gold: More weakness in the near-term before soaring to $2,000 next year – ABN Amro

Gold prices have struggled lately. A weaker dollar has supported the yellow metal somewhat but more investors have taken profit recently. Investors are now less convinced of another rise above $2,000 per ounce and are set to continue taking profits. However, economists at ABN Amro expect XAU/USD to race higher towards $2,100 in 2021.

Key quotes: "Despite the modest profit-taking, net long positions in the futures markets and the total outstanding ETF positions remain very large. In short, position liquidation risk is still there." Read more...

Gold ready for a falling wedge breakout on a close above $1913.50

Gold (XAU/USD) extends its three-day winning streak into Wednesday, mainly underpinned by the progress on the US fiscal stimulus talks, which diminished the haven demand for the US dollar. FXStreet's Dhwani Mehta eyes Wednesday's close as the yellow metal is set to see a likely falling wedge breakout on a close above $1913.50.

Key quotes: "It remains to be seen if the yellow metal can see a sustained move higher, as the US 10-year Treasury yields hold near four-month highs on the stimulus optimism. President Donald Trump agreed on a large multi-trillion aid bill, in order to clinch a deal ahead of the November 3 election. The stimulus talks are likely to continue later on Wednesday and therefore, the sentiment on the global markets and US dollar dynamics will play a pivotal role for fresh gold trades." Read more...

Gold to extend the consolidation phase ahead of new highs – Credit Suisse

Gold consolidation extends as XAU/USD continues to trade within its month-long range play between $1850-$1950, but with new highs eventually expected as the yellow metal holds the $1837 support, strategists at Credit Suisse apprise.

Key quotes: "Gold extends its consolidation/correction following the move to our base case objective of $2075/80 in August, but is still holding flagged support at $1837, the 38.2% retracement of the rally from March." Read more...

XAU/USD

Overview
Today last price	1916.32
Today Daily Change	10.10
Today Daily Change %	0.53
Today daily open	1906.22

Trends
Daily SMA20	1895
Daily SMA50	1924.78
Daily SMA100	1875.07
Daily SMA200	1756.53

Levels
Previous Daily High	1914.18
Previous Daily Low	1894.7
Previous Weekly High	1933.3
Previous Weekly Low	1882.46
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1906.74
Daily Fibonacci 61.8%	1902.14
Daily Pivot Point S1	1895.89
Daily Pivot Point S2	1885.55
Daily Pivot Point S3	1876.41
Daily Pivot Point R1	1915.37
Daily Pivot Point R2	1924.51
Daily Pivot Point R3	1934.85

Author

FXStreet Team

FXStreet

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