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

FXStreet Team FXStreet

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 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.

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

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.