Gold Price News and Forecast: XAU/USD bulls struggling to retake controls above $1,950

Gold Price Analysis: XAU/USD drops 0.5% on dollar strength

Gold is feeling the pull of gravity on Thursday with the US dollar gaining ground against major currencies. The yellow metal is trading near $1,950 at press time – down 0.5% on the day. Meanwhile, the dollar index, which gauges the greenback's value against majors, is up 0.30% at 93.41. 

The dollar seems to be drawing bids on the back of the not-so-dovish Fed statement released Wednesday. From a technical analysis perspective, gold looks south, having faced rejection at the top end of a one-month-long descending triangle for the second straight day on Wednesday. 

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Gold Price Analysis: XAU/USD bulls struggling to retake controls above $1,950

Gold picks up the bids near $1,960 during the pre-Tokyo open Asian trading on Thursday. The yellow metal marked gains the previous day despite posting losses after the US Federal Reserve’s (Fed) monetary policy decision. The reason could be traced from the market’s optimism surrounding the coronavirus (COVID-19) vaccine, as well as expectations US stimulus, ahead of the key day.

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Today last price 1946.9
Today Daily Change -12.10
Today Daily Change % -0.62
Today daily open 1959
Daily SMA20 1945.01
Daily SMA50 1929.24
Daily SMA100 1831.41
Daily SMA200 1709.96
Previous Daily High 1973.64
Previous Daily Low 1949.93
Previous Weekly High 1966.54
Previous Weekly Low 1906.62
Previous Monthly High 2075.32
Previous Monthly Low 1863.24
Daily Fibonacci 38.2% 1964.58
Daily Fibonacci 61.8% 1958.99
Daily Pivot Point S1 1948.07
Daily Pivot Point S2 1937.15
Daily Pivot Point S3 1924.36
Daily Pivot Point R1 1971.78
Daily Pivot Point R2 1984.57
Daily Pivot Point R3 1995.49



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