Gold Price News and Forecast: XAU/USD bulls dominate beyond $1585 as coronavirus-led risk-off continues


Gold: Bulls dominate beyond $1585 as coronavirus-led risk-off continues

Gold prices remain 0.33% positive to stay mildly above $1586 during early Tuesday. The yellow failed to extend the previous day’s declines as the market’s fear wider than a registered outbreak of China’s coronavirus. Concerns about the deadly epidemic have also been raised by the key global institutions off-late.

Joining the league of International Monetary Fund (IMF) and World Trade Organization (WTO), the Reserve Bank of Australia’s (RBA) minutes statement recently cited coronavirus risk as material to China and thus to Australia.

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XAU/USD

Overview
Today last price 1586.5
Today Daily Change 5.55
Today Daily Change % 0.35
Today daily open 1580.95
 
Trends
Daily SMA20 1570.97
Daily SMA50 1539.07
Daily SMA100 1510.29
Daily SMA200 1467.78
 
Levels
Previous Daily High 1583.84
Previous Daily Low 1578.88
Previous Weekly High 1584.36
Previous Weekly Low 1561.99
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1580.77
Daily Fibonacci 61.8% 1581.95
Daily Pivot Point S1 1578.61
Daily Pivot Point S2 1576.26
Daily Pivot Point S3 1573.65
Daily Pivot Point R1 1583.57
Daily Pivot Point R2 1586.18
Daily Pivot Point R3 1588.53

 

Commodities Weekly: Gold at two-week high on virus fears

GOLD prices are at the highest since February 3 despite recent news that a number of countries are planning extra fiscal stimulus measures to shore up their economies from the virus effect. The number of global CoVid-19 virus cases continues to rise, albeit at a slackening pace, and investors are trying to assess whether the fiscal response will be enough to keep the global growth engine alive.

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