Gold Price News and Forecast: XAU/USD consolidates modest losses, holds around $1550


Week ahead commodity report: Gold, Silver & Crude Oil Price Forecast: 13 - 17 January 2020 [Video]

Gold rose to a near 7-year peak of $1,610 last week after a U.S. drone strike killed a top Iranian commander in Baghdad and Iran launched missiles against U.S. bases in Iraq in retaliation. Read more...

 

Gold consolidates modest losses, holds around $1550

Gold prices dropped on Monday, on a quiet day for global markets. Price tested levels above $1560 but failed to hold and dropped to as low at $1546 before stabilizing around $1550. 

Eyes on US-China deal 

The improvement in risk sentiment weakened the demand for gold. Among currencies the yen was also hit. Higher US yields also contributed to the decline in gold and JPY. The Swiss franc outperformed despite the environment. 

Trade headlines are behind the optimism. The Chinese delegation led by Vice Premier Liu He just arrived in the US to sign the Phase One trade deal probably on Wednesday. On the data front, the next relevant economic report is US CPI due on Tuesday. Read more...


Gold Technical Analysis: Shows some resilience below 200-hour SMA, at least for now

Gold maintained its offered tone through the mid-European session on Monday, albeit bulls showed some resilience below the $1550 region, or 100-hour SMA.

The mentioned region coincides with 38.2% Fibonacci level of the $1470-$1611 positive move and should now act as a key pivotal point for short-term traders.

Below the mentioned support, the metal might accelerate the slide towards testing 61.8% Fibonacci level of the $1470-$1611 positive move, around the $1527-26 region.

Meanwhile, mixed technical indicators on hourly/daily charts haven't been supportive of any firm direction and warrant some caution before placing any aggressive bets. Read more...

fxsoriginal

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