Gold Price News and Forecast: XAU/USD buyers look to $1,900 amid cautious optimism

FXStreet Team FXStreet

Gold Price Analysis: Recapturing $1891 critical for XAU/USD bulls, levels to watch – Confluence Detector

Gold (XAU/USD) is trying hard to extend its recovery from six-week lows of $1850, reached after the coronavirus vaccine optimism negated the immediate need for fiscal and monetary stimulus.

However, the continued escalation in the COVID-19 cases in Europe and the US has revived the calls for additional stimulus, in a bid to support the global economic recovery, which eventually underpins the sentiment around gold. With the US observing Veterans Day, thin trading conditions could exaggerate the moves in the bright metal.

Gold Price Analysis: XAU/USD buyers look to $1,900 amid cautious optimism

Gold extends the previous day’s recovery moves to $1,878.60, up 0.31% intraday, as markets in Tokyo open for Wednesday’s trading. The yellow metal slumped to the September 28 bottom on Monday before bouncing off $1,850.56. Although the US dollar’s inability to hold the early-week gains help the precious metal buyers, a light calendar in Asia and mixed signals from the key risk areas may continue challenging the commodity traders.

XAU/USD

Overview
Today last price	1880.8
Today Daily Change	7.90
Today Daily Change %	0.42
Today daily open	1872.9

Trends
Daily SMA20	1901.58
Daily SMA50	1909.74
Daily SMA100	1901.39
Daily SMA200	1781.6

Levels
Previous Daily High	1890.46
Previous Daily Low	1856.4
Previous Weekly High	1960.4
Previous Weekly Low	1873.52
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1877.45
Daily Fibonacci 61.8%	1869.41
Daily Pivot Point S1	1856.05
Daily Pivot Point S2	1839.19
Daily Pivot Point S3	1821.99
Daily Pivot Point R1	1890.11
Daily Pivot Point R2	1907.31
Daily Pivot Point R3	1924.17

Author

FXStreet Team

FXStreet

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