Gold Price News and Forecast: XAU/USD bugs awaiting their discount

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD buyers await fresh clues around mid-$1,900s

Gold prices seesaw around $1,951/52 during the initial hour of Monday’s Asian session. The yellow metal began the week’s trading near $1,953.50 while keeping the late Friday's range between $1,950 and $1,955. The bullion’s recent inactivity could be traced to the uncertainty over the US polity as Donald Trump challenges Joe Biden’s victory in the latest elections. Also, the Republicans’ hold in the Senate offers additional troubles for the recently elected Democratic leader. Further, the coronavirus (COVID-19) and Brexit are additional hurdles for the precious metal buyers.

XAU/USD

Overview
Today last price	1954.06
Today Daily Change	1.66
Today Daily Change %	0.09
Today daily open	1952.4

Trends
Daily SMA20	1905.36
Daily SMA50	1913.73
Daily SMA100	1899.24
Daily SMA200	1778.72

Levels
Previous Daily High	1960.4
Previous Daily Low	1935.7
Previous Weekly High	1960.4
Previous Weekly Low	1873.52
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1950.96
Daily Fibonacci 61.8%	1945.14
Daily Pivot Point S1	1938.6
Daily Pivot Point S2	1924.8
Daily Pivot Point S3	1913.9
Daily Pivot Point R1	1963.3
Daily Pivot Point R2	1974.2
Daily Pivot Point R3	1988

The Chart of the Week: Gold bugs awaiting their discount

The price of gold has been supported on the US election outcomes as the US dollar slides into the hands of the bear’s on what most would describe as an inevitable outcome.

In so much as the dollar was expected to fall, the strong gains in risk appetite could be tempered by various fundamentals from which the US elections have distracted investors from.

Therefore, and without necessarily presuming that the rally in gold, for the near-term, is over, it does justify the case for a downside correction for which rewards prudent bulls a discount in catching the next bullish impulse.

EUR/USD looks vacillating around 1.1800

EUR/USD alternates gains with losses around the 1.1800 neighbourhood amid marginal gains at the end of the week. The pair’s tepid move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the irresolute price action in the US Dollar.

GBP/USD slips back to daily lows near 1.3450

GBP/USD trades on the back foot on Friday, adding to Thursday’s losses around the 1.3450 region. Cable’s move lower comes amid the lacklustre performance of the Greenback in a context of a wide spread absence of volatility.

Gold flirts with four-week highs past $5,200

Gold adds to the ongoing recovery, up for the third day in a row and surpassing the $5,200 mark per troy ounce on Friday. The relentless uptick in the precious metal remains bolstered by steady geopolitical tensions and persistent uncertainty surrounding the US trade policy.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.