Gold Price News and Forecast: XAU/USD - Coronavirus, Powell and Gold

FXStreet Team FXStreet

Gold: renewed fears of Coronavirus drives safe haven flow once more [Video]

The near term consolidation of the past few days on gold has been playing into our neutral outlook. However, although the past couple of sessions have seen the bulls ushered to the side-lines, renewed fears of Coronavirus overnight have driven safe haven flow once more. Gold is subsequently testing higher again. Resistance in the $1572 (23.6% Fibonacci retracement of $1445/$1611) and $1577 (Monday’s intraday high) is being tested this morning. However, trading under $1591 (the February high) we see a continuation of what is developing into a multi-week range. For now, we are happy to retain our neutral stance for the near to medium term outlook. The unwinding moves on RSI (still drifting under 60) and MACD (still in a benign drift back towards neutral) backs this too. Read more...

Coronavirus, Powell and Gold

The number of cases and deaths by the new coronavirus have escalated quickly. However, the fears subsided and the stock market rebounded. How did gold perform, and what can we expect from the king of metals next?

Should We Stop Worrying about the Coronavirus?

Well, that was a quick escalation. On February 2, when we wrote the first Fundamental Gold Report about the coronavirus, there were 14,557 confirmed cases and 305 deaths. Yesterday, the World Health Organization reported almost 45,171 cases and 1115 deaths. So, the number of infections and death toll of coronavirus have surged in recent days. Moreover, China has changed today its diagnosis methodology (to include "clinically diagnosed" cases), confirming 15,152 new cases and 254 additional deaths. Hence, as the chart below shows, the total number of cases in China has reached 59,800, while the global number has already surpassed 60,000. Read more...

Gold New York Price Forecast: XAU/USD bulls looking for a break above 1577 resistance

Gold is trading in an uptrend above its main daily simple moving averages (SMAs). XAU/USD is evolving in an upward channel while the market is being supported above the 1560.00 figure.

Gold four-hour chart

XAU/USD is challenging the 1577.00 resistance while trading above the main SMAs on the four-hour chart suggesting a bullish momentum in the medium term. Read more...

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.