Gold Price News and Forecast: XAU/USD erases gains despite dollar’s weakness


Gold Price Analysis: XAU/USD boosted amid weaker USD, eyes retest of $1850s

Spot gold (XAU/USD) prices have rallied into the low $1840s on Thursday amid further USD weakness, with the precious metal recovering from a bout of post-US equity cash open weakness that saw prices drop into the low $1820s at worst levels. As the spot FX market close approaches at 22:00GMT, gold trades with gains of roughly 0.6% or slightly over $10.

A combination of the usual themes (US fiscal stimulus hopes, vaccine optimism and expectations for a strong global recovery in 2021) have kept USD on the back foot on Thursday, pushing the Dollar Index to lows around 90.50.

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XAG/USD

Overview
Today last price 24.05
Today Daily Change 0.03
Today Daily Change % 0.12
Today daily open 24.02
 
Trends
Daily SMA20 24.05
Daily SMA50 24.05
Daily SMA100 24.89
Daily SMA200 20.61
 
Levels
Previous Daily High 24.33
Previous Daily Low 23.55
Previous Weekly High 24.4
Previous Weekly Low 22.34
Previous Monthly High 26.01
Previous Monthly Low 21.9
Daily Fibonacci 38.2% 24.03
Daily Fibonacci 61.8% 23.84
Daily Pivot Point S1 23.6
Daily Pivot Point S2 23.19
Daily Pivot Point S3 22.82
Daily Pivot Point R1 24.38
Daily Pivot Point R2 24.75
Daily Pivot Point R3 25.16

 

Gold Price Analysis: XAU/USD erases gains despite dollar’s weakness

Gold pulled back from weekly highs and dropped to $1823/oz, reaching a fresh daily low. It then rebounded, and as of writing, it trades at $1830, around the same level it closed on Wednesday. The rally in XAU/USD from multi-month lows appears to be losing strength even as the US dollar tumbles across the board. The DXY dropped to 90.48, the lowest level in two years.

The area around $1845, slightly below the $1850 level that was a key support prior to the sell-off to $1765, capped the upside. The band $1845/50 is a key resistance that if broken, should clear the way to more gains.

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