Gold Price News and Forecast: The level to beat for XAU/USD bears is the 1550 support


Gold Price Analysis: XAU/USD drops sharply to $1550/oz

Gold daily chart

XAU/USD is trading in a bull trend above its main daily simple moving averages (SMAs). After a failure at the 1600 mark earlier in the month, the metal is now in consolidation mode.

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Gold retreats from 2-week tops, drifts into negative territory

Gold failed to capitalize on its early uptick to near two-week tops and dropped to fresh session lows, around the $1560 region in the last hour.

Concerns of the corona-virus outbreak in China led to a turnaround in the global risk sentiment, which was evident from a negative trading sentiment around equity markets. The risk-off mood provided a modest lift to traditional safe-haven assets and helped the precious metal gained some follow-through traction on Tuesday.

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