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.
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.
|Today last price||1946.9|
|Today Daily Change||-12.10|
|Today Daily Change %||-0.62|
|Today daily open||1959|
|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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