Gold Price News and Forecast: XAU/USD could extend its slide


Gold Price Analysis: XAU/USD fades Friday’s recovery above $1,850 despite vaccine hopes

Gold prices remain depressed near $1,870, down 0.10% intraday, during the early Monday morning in Asia. In doing so, the yellow metal fails to extend Friday’s bounce off $1,852.80 to near $1,880. The reason could be traced to the traders’ confusion amid mixed clues concerning the coronavirus (COVID-19) and vaccines as well as a lack of confirmation on the Brexit deal and the tussle between the US Fed and Treasury.

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XAU/USD

Overview
Today last price 1871.42
Today Daily Change -1.53
Today Daily Change % -0.08
Today daily open 1872.95
 
Trends
Daily SMA20 1889.36
Daily SMA50 1899.87
Daily SMA100 1909.75
Daily SMA200 1793.96
 
Levels
Previous Daily High 1879.85
Previous Daily Low 1860.94
Previous Weekly High 1899.14
Previous Weekly Low 1852.8
Previous Monthly High 1933.3
Previous Monthly Low 1860
Daily Fibonacci 38.2% 1872.63
Daily Fibonacci 61.8% 1868.16
Daily Pivot Point S1 1862.64
Daily Pivot Point S2 1852.34
Daily Pivot Point S3 1843.73
Daily Pivot Point R1 1881.55
Daily Pivot Point R2 1890.16
Daily Pivot Point R3 1900.46

 

Gold Weekly Forecast: Coronavirus vaccine optimism hurts XAU/USD

After failing to break above $1,900 at the start of the week, Gold spent the majority of the week under modest bearish pressure and dropped to $1,850 area before staging a rebound on Friday. Nevertheless, XAU/USD closed the second straight week in the negative territory around $1,870.

The upbeat Industrial Production and Retail Sales data from China revived hopes for a steady global economic recovery and provided a boost to market sentiment at the start of the week. Additionally, Moderna announced that its coronavirus vaccine candidate was 94.5% effective in the latest trials and noted that it will be seeking authorization for emergency use of the vaccine in the US in the coming weeks.

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