Gold Price News and Forecast: XAU/USD building a bullish case as COVID-19 reigns

FXStreet Team FXStreet

Gold Price Analysis: On the back foot below $1,600 inside falling channel

While defying Wednesday’s recovery moves, Gold prices drop to $1,585, down 0.40%, amid the early Thursday’s trading session. In doing so, the yellow metal remains inside a one-week-old descending trend channel while also staying below 200-bar SMA and 61.8% Fibonacci retracement of its March 09-16 declines.

That said, the bullion sellers also take clues from the bearish MACD while currently targeting 50% Fibonacci retracement near $1,577. Though, the channel’s support, around $1,561, could question further downside.

Gold building a bullish case as COVID-19 reigns

Gold is currently trading at $1,592.00, +0.22% on the day and travelling between a low of $1,587.84 and a high of $1,596.20 on a spot basis, albeit following a negative close in futures overnight for a fourth straight session loss despite the risks of COVID-19's spread.

The gold price has lost some bullish support of late as the US dollar moves higher, ending the last quarter on the front foot as a relatively illiquid market sees exaggerated moves adding to the upside support.

XAU/USD

Overview
Today last price	1585.78
Today Daily Change	-5.13
Today Daily Change %	-0.32
Today daily open	1590.91

Trends
Daily SMA20	1588.29
Daily SMA50	1590.96
Daily SMA100	1545.87
Daily SMA200	1511.99

Levels
Previous Daily High	1600.7
Previous Daily Low	1568.46
Previous Weekly High	1644.54
Previous Weekly Low	1482.74
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1588.38
Daily Fibonacci 61.8%	1580.78
Daily Pivot Point S1	1572.68
Daily Pivot Point S2	1554.45
Daily Pivot Point S3	1540.44
Daily Pivot Point R1	1604.92
Daily Pivot Point R2	1618.93
Daily Pivot Point R3	1637.16

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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