Gold Price News and Forecast: XAU/USD bounces off lows, upside seems limited

FXStreet Team FXStreet

Gold Price Forecast: XAU/USD: Downside appears more compelling below 200-DMA, US GDP eyed

Gold (XAU/USD) fell as low as $1831 on Wednesday but recovered some ground, finishing the day down nearly $15. Gold traders were unimpressed by the Fed’s status-quo, as the central bank appeared less dovish than expected. Further, uncertainty over the US stimulus plan and the relentless covid surge added to the Fed-led pessimism and lifted the haven demand for the US dollar. Gold tumbled alongside Wall Street stocks amid broad US dollar strength.

Markets look forward to the US Q4 advance GDP and weekly jobless claims for a clear direction in the metal. Joseph Trevisani, FXStreet’s Senior, noted: “Annualized GDP in the fourth quarter expected to be 3.9% in the Reuters Survey. Dow Jones poll predicts 4.5%, Atlanta Fed GDPNow forecast at 7.5%.” Read more...

Gold Price Analysis: XAU/USD bounces off lows, upside seems limited

Gold recovered a major part of its intraday losses and has now moved to the top end of its daily trading range, around the $1843-44 region.

The prevalent risk-off mood extended some support to the safe-haven precious metal and helped limit the early slide. This, along with a modest US dollar pullback from highs, provided a modest lift to the dollar-denominated commodity. Read more...

Gold: Global demand hit 11-year low in 2020 amid covid crisis – WGC

Demand for gold globally slumped to an 11-year in 2020 as the coronavirus pandemic triggered a dip in jewelry sales and central banks buying, the World Gold Council (WGC) said in its latest quarterly report released Thursday.

Key takeaways: “Global demand for gold fell to 3,759.6 tonnes last year, down 14% from 2019 and the first year below 4,000 tonnes since 2009.” “The year ended on a weak note, with demand over October to December at 783.4 tonnes, down 28% year-on-year and the lowest of any quarter since 2008.” Read more...

XAU/USD

Overview
Today last price	1841.08
Today Daily Change	0.28
Today Daily Change %	0.02
Today daily open	1840.8

Trends
Daily SMA20	1870.71
Daily SMA50	1857.49
Daily SMA100	1880.14
Daily SMA200	1849.97

Levels
Previous Daily High	1853.2
Previous Daily Low	1831.36
Previous Weekly High	1875.2
Previous Weekly Low	1802.8
Previous Monthly High	1906.87
Previous Monthly Low	1775.52
Daily Fibonacci 38.2%	1839.7
Daily Fibonacci 61.8%	1844.86
Daily Pivot Point S1	1830.37
Daily Pivot Point S2	1819.95
Daily Pivot Point S3	1808.53
Daily Pivot Point R1	1852.21
Daily Pivot Point R2	1863.63
Daily Pivot Point R3	1874.05

Author

FXStreet Team

FXStreet

EUR/USD struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.