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

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AUD/USD bulls regain control above 0.6950 amid USD retreat

AUD/USD regains traction and extends the previous day's bounce from the weekly low, aiming for 0.7000 in Asia on Friday. The overnight pullback in US bond yields keeps the US Dollar below an 18-month high, which in turn offers some support to the pair. Meanwhile, hawkish RBA expectations also keep the major underpinned.

USD/JPY holds gains near 158.00 after Japan's weak Household Spending data

USD/JPY clings to gains around 158.00 after data showed on Friday that Japan's Household Spending fell for the ninth straight month, undermining the Japanese Yen. Meanwhile, the US Dollar remains depressed as the overnight fall in US bond yields counters a hawkish Fed and geopolitical uncertainties, could cap any downside in the pair.

Gold remains range-bound below $4,200

Gold has given up some ground after an initial bullish attempt to reach weekly highs, returning to below the $4,200 mark per troy ounce on Friday. The US Dollar’s strong upside momentum, combined with rising US Treasury yields across the curve, seems to keep further gains in the yellow metal under scrutiny.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?

The Euro is not the sick man of Europe. France's bond market is

EUR/USD remains under pressure, near the 17-month low of 1.1161 reached on Monday. The pair has lost more than 7% since its yearly peak, as concerns over France's public finances increasingly weigh on the single currency. But behind the weakness of the Euro (EUR), the problem does not necessarily lie with the European economy as a whole.