Gold Price News and Forecast: XAU/USD bulls looking to the dollar to give back some ground

FXStreet Team FXStreet

Gold sell-off pauses as US dollar retreats from two-month high

Gold bears are taking a hiatus amid the US dollar's pullback from two-month highs. The yellow metal witnessed two-way business and closed on a flat note on Thursday, forming a Doji candle – an indecision sign.

The selling ran out of steam at $1,848 as the uptrend in the dollar index (DXY) paused at 94.59, the highest level since July 24. The DXY closed Thursday at 94.33 and remains sidelined near that level at press time. Meanwhile, gold is currently trading near $1,863 per ounce, having ended Thursday at $1,867.

XAU/USD

Overview
Today last price	1866.4
Today Daily Change	-1.30
Today Daily Change %	-0.07
Today daily open	1867.7

Trends
Daily SMA20	1935.48
Daily SMA50	1941.54
Daily SMA100	1843.82
Daily SMA200	1722.91

Levels
Previous Daily High	1877.12
Previous Daily Low	1848.84
Previous Weekly High	1973.64
Previous Weekly Low	1932.88
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1866.32
Daily Fibonacci 61.8%	1859.64
Daily Pivot Point S1	1851.99
Daily Pivot Point S2	1836.27
Daily Pivot Point S3	1823.71
Daily Pivot Point R1	1880.27
Daily Pivot Point R2	1892.83
Daily Pivot Point R3	1908.55

Gold Price Analysis: XAU/USD bulls looking to the dollar to give back some ground

The price of gold is currently trading at $1,868.30 between $1,867.51 and $1,871.37 following a session in North America where the precious metal managed a bid from a low of $1,847.90 to a session high of $1,877.03. Gold's bullish case has been challenged by the broad dollar's gains of late which have catalyzed an aggressive positioning squeeze in the yellow metal.

To date, there have been a number of fundamentals going for the US dollar, including the Justice Ginsberg's passing and its implications for a Phase 4 deal, election uncertainty and the global spread of the coronavirus.

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