Gold Price News and Forecast: XAU/USD better bid after biggest weekly gain since August 2019

FXStreet Team FXStreet

Gold Price Analysis: Better bid after biggest weekly gain since August 2019

Gold is on the offensive, having logged its biggest weekly gain in six months last week. The yellow metal is currently trading at $1,663 per Oz, representing over 1% gains on the day, having hit a high of $1,681 in early Asia. That was the highest level since February 2013.

Prices rallied by over 3.7% last week. Gain bigger than that were last seen in the second week of August.

Gold pulls back from fresh seven-year high to sub-$1670 area, coronavirus in focus

Gold prices rallied to $1,681.25, the highest since February 2013, during early Monday. The yellow metal recently benefited from the rise in the coronavirus cases outside China while no respite from the contagion inside the dragon nation earlier fuelled the safe-haven. It should be noted that the bullion’s prices have been pulled back to $1667.18 by the press time.

XAU/USD

Overview
Today last price	1643.56
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	1643.56

Trends
Daily SMA20	1582.32
Daily SMA50	1550.93
Daily SMA100	1515.19
Daily SMA200	1474.38

Levels
Previous Daily High	1649.32
Previous Daily Low	1619.02
Previous Weekly High	1649.32
Previous Weekly Low	1578.88
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1637.75
Daily Fibonacci 61.8%	1630.59
Daily Pivot Point S1	1625.28
Daily Pivot Point S2	1607
Daily Pivot Point S3	1594.98
Daily Pivot Point R1	1655.58
Daily Pivot Point R2	1667.6
Daily Pivot Point R3	1685.88

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EUR/USD edges lower below 1.1650 as Middle East tensions fuel US Dollar strength

The EUR/USD pair trades in negative territory around 1.1635 during the early Asian session on Thursday. The US Dollar strengthens against the Euro as escalating Middle East conflict boosts safe-haven flows. Traders brace for the Eurozone Retail Sales and US weekly Initial Jobless Claims reports, which will be released later on Thursday.

GBP/USD tests key moving averages as growth downgrade weighs

GBP/USD was nearly flat on Wednesday, edging up 0.08% to settle around 1.3370 in a quiet session. The pair has fallen sharply from its late-January high near 1.3870 and is now testing the 200-day Exponential Moving Average, with this week's one-week forex heatmap showing Pound Sterling as one of the worst performers against the US Dollar, down about 1.4% on the week.