Gold Price News and Forecast: XAU/USD bears waiting to feed on head and shoulders


Gold Price Analysis: XAU/USD keeps mild gains above $1,900 amid stimulus hopes

Gold prices rise to $1,913, up 0.36% intraday as markets in Tokyo open for Wednesday’s trading. The yellow metal benefited from the broad US dollar weakness, amid hopes of the American COVID-19 stimulus, during the previous day. The optimism faded as Congress members failed to meet the Tuesday-end time limit to unveil the details. However, the latest comments from the diplomats suggest that hopes are favoring the much-awaited relief package’s arrival soon.

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XAU/USD

Overview
Today last price 1914.62
Today Daily Change 8.40
Today Daily Change % 0.44
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

 

Gold Price Analysis: XAU/USD bears waiting to feed on head and shoulders

The price of gold has been sucking in the bears since the break of the 1930/20 support, only to pull in demand again at the 1850 mark. This has given rise to an uptrend to test the resistance once again, (old 1920/30 support).

However, the price is failing here and is forming a head and shoulders on the daily chart. The right-hand shoulder is, however, struggling to break the rising support on the 4-hour time frame.

A break below the support will likely fuel the bear's plight in attacking the downside towards a monthly target area as being a 38.2% Fibonacci retracement of the March 2020 rally. 

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