Gold Price News and Forecast: XAU/USD – A strong strategic case intact, targets $2300 in 2021


Gold Futures: Room for extra downside

Traders increased their open interest in gold futures markets by nearly 1.4K contracts on Thursday, extending the erratic performance and in light of preliminary readings from CME Group. In the same line, volume rose for the second session in a row, this time by around 7.2K contracts.

Gold still sees a move to $1,850/oz

Thursday's downtick in gold prices was amidst rising open interest and volume, opening the door to the continuation of the recent downtrend and exposing a move to the $1,850 mark per ounce and probably below. Read more...

Gold

Gold: A strong strategic case intact, targets $2300 in 2021 – Goldman Sachs

Goldman Sachs commodity analysts Jeffrey Currie and Mikhail Sprogis, said that there is still a "strong strategic case for gold," in its latest report.

The US investment banking giant maintained its 2021 gold price forecast at $2300.

Key quotes (via Kitco News)

"In our view, the structural bull market for gold is not over and will resume next year as inflation expectations move higher, the U.S. dollar weakens and E.M. retail demand continues to recover." Read more...

Gold falters on vaccine progress – Charles Schwab

Gold futures recent loss of luster continued on Thursday as investors weighed reported progress on multiple COVID-19 vaccines. The yellow metal had experienced a tremendous rally from the initial March 1450 pandemic low to the near 2100 August highs but the market has since consolidated wrapped around the 1900 mark while the December Gold contract (GC20) has drifted back down to test the 1850 low end of its recent price range. With the election in the rearview mirror and stimulus talks on the back burner, daily pandemic news continues to be front and center, Joe Schulte from Charles Schwab briefs. Read more...

XAU/USD

Overview
Today last price 1867.41
Today Daily Change 0.67
Today Daily Change % 0.04
Today daily open 1866.74
 
Trends
Daily SMA20 1890.76
Daily SMA50 1901.22
Daily SMA100 1908.78
Daily SMA200 1792.47
 
Levels
Previous Daily High 1874.12
Previous Daily Low 1852.8
Previous Weekly High 1965.58
Previous Weekly Low 1850.56
Previous Monthly High 1933.3
Previous Monthly Low 1860
Daily Fibonacci 38.2% 1860.94
Daily Fibonacci 61.8% 1865.98
Daily Pivot Point S1 1854.99
Daily Pivot Point S2 1843.23
Daily Pivot Point S3 1833.67
Daily Pivot Point R1 1876.31
Daily Pivot Point R2 1885.87
Daily Pivot Point R3 1897.63

 

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