Gold Price News and Forecast: XAU/USD downside appears capped


Gold Price Analysis: XAU/USD bears eye a decisive break below $1871 – Confluence Detector

Gold (XAU/USD) licks wounds after hitting fresh monthly lows below $1870 on Wednesday. The yellow metal fell amid resurgent haven demand for the US dollar, as partial lockdowns implemented in Germany and France threatened to derail the global economic recovery.

"Sell everything mode" returned to markets amid renewed coronavirus fears, as gold tumbled alongside stocks. The metal closed below the critical 100-DMA support of $1887 on a daily basis for the first time since March. Let's take a look at the charts to see if gold will resume its downtrend. Read more...

fxsoriginal

Gold Futures: Downside appears capped

Investors trimmed their open interest positions in Gold futures markets by around 10.5K contracts on Wednesday, according to advanced figures from CME Group. Volume, instead, went up sharply by around 144.3K contracts, reversing three consecutive daily pullbacks.

Gold could extend the drop to $1,850/oz

Wednesday's downtick in Gold prices was on the back of shrinking open interest, hinting at the idea that a deeper retracement seems unconvincing for the time being. Despite this view, the ounce troy of the precious metal does not rule out a potential test of the September low in the $1,850 region. Read more...

XAUUSD

Gold Price Analysis: XAU/USD holds steady below $1880 level, upside seems limited

Gold edged higher through the early European session and was last seen hovering near the top end of its daily range, just above the $1880.

The precious metal managed to regain some positive traction on Thursday and recovered a part of the previous day's sharp fall to one-month lows amid a subdued US dollar demand. The uncertainty over the outcome of the US presidential election held the USD bulls from placing aggressive bids, which, in turn, was seen as a key factor lending some support to the dollar-denominated commodity. Read more...

XAU/USD

Overview
Today last price 1872.11
Today Daily Change -4.96
Today Daily Change % -0.26
Today daily open 1877.07
 
Trends
Daily SMA20 1902.91
Daily SMA50 1918.47
Daily SMA100 1886.74
Daily SMA200 1766.94
 
Levels
Previous Daily High 1910.9
Previous Daily Low 1869.52
Previous Weekly High 1931.54
Previous Weekly Low 1894.48
Previous Monthly High 1992.42
Previous Monthly Low 1848.82
Daily Fibonacci 38.2% 1885.33
Daily Fibonacci 61.8% 1895.09
Daily Pivot Point S1 1860.76
Daily Pivot Point S2 1844.45
Daily Pivot Point S3 1819.38
Daily Pivot Point R1 1902.14
Daily Pivot Point R2 1927.21
Daily Pivot Point R3 1943.52

 

 

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