Gold Price News and Forecast: XAU/USD continues to trade above $1,630, near seven-year high set earlier


XAU/USD Outlook: Gold extends advance to new highest level since 2009

Spot gold posted new seven-year high on Friday, in extension of strong six-day advance from $1561 higher base.
Persisting fears about coronavirus spreading beyond China and negative impact on global economy, maintain strong safe-haven demand and keep gold price well-supported.
The yellow metal is on track for the biggest weekly rise since early Aug 2019, with weekly close above $1600 psychological level, to add to bullish stance.
With no significant obstacles until $1685/$1700 zone, the way remains open for further advance. Read more...

 

Gold

 

Gold continues to trade above $1,630, near seven-year high set earlier

After breaking above the critical $1,600 mark at the start of the week, the troy ounce of the precious metal extended its relentless rally and touched its highest level since February 2013 at $1,636.60 on Friday. With the market action turning subdued ahead of the American session, the XAU/USD pair is consolidating its gains near $1,635, where it was up 1% on the day.

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XAU/USD

Overview
Today last price 1637.74
Today Daily Change 18.09
Today Daily Change % 1.12
Today daily open 1619.65
 
Trends
Daily SMA20 1578.73
Daily SMA50 1547.59
Daily SMA100 1513.8
Daily SMA200 1472.55
 
Levels
Previous Daily High 1623.79
Previous Daily Low 1603.94
Previous Weekly High 1584.36
Previous Weekly Low 1561.99
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1616.21
Daily Fibonacci 61.8% 1611.52
Daily Pivot Point S1 1607.8
Daily Pivot Point S2 1595.94
Daily Pivot Point S3 1587.95
Daily Pivot Point R1 1627.65
Daily Pivot Point R2 1635.64
Daily Pivot Point R3 1647.5

 

 

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