Gold Price News and Forecast: XAU/USD consolidates the biggest losses in two weeks

FXStreet Team FXStreet

Gold Price Analysis: Bears back in the drivers seat, 1:3 R/R setup in place

Gold prices are weaker as the week goes by and have fallen into the bear's liar. The price of gold has moved into bearish territory offering a trade setup scenario. A 1:3 R/R 4-hour swing trade is on the cards, but the price first needs to correct.

Gold Price Analysis: XAU/USD consolidates the biggest losses in two weeks under $1,900

Gold prices stay pressured around $1,877 during the initial Asian trading on Wednesday. The yellow metal dropped the heaviest since late-September as the market’s risk aversion renewed the US dollar strength the previous day.

US President Donald Trump lashed out at the opposition Democratic Party while closing door on the face of the efforts to unveil details of the much-awaited American aid package. Following the Republican leader’s announcement, the House Senior McConnell also joined the league to denounce the Democrats’ push for more.

XAU/USD

Overview
Today last price	1882.26
Today Daily Change	4.48
Today Daily Change %	0.24
Today daily open	1877.78

Trends
Daily SMA20	1913.09
Daily SMA50	1943.35
Daily SMA100	1857.33
Daily SMA200	1738.64

Levels
Previous Daily High	1921.16
Previous Daily Low	1874.88
Previous Weekly High	1917.16
Previous Weekly Low	1848.82
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1892.56
Daily Fibonacci 61.8%	1903.48
Daily Pivot Point S1	1861.39
Daily Pivot Point S2	1844.99
Daily Pivot Point S3	1815.11
Daily Pivot Point R1	1907.67
Daily Pivot Point R2	1937.55
Daily Pivot Point R3	1953.95

Author

FXStreet Team

FXStreet

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.