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.

Read more ...


Today last price 24.05
Today Daily Change 0.03
Today Daily Change % 0.12
Today daily open 24.02
Daily SMA20 24.05
Daily SMA50 24.05
Daily SMA100 24.89
Daily SMA200 20.61
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.

Read more ...

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

GBP/USD rises above 1.37 amid upbeat market mood

GBP/USD has jumped above 1.37, hitting the highest since 2018. Optimism about the UK's vaccine campaign and lower cases are compounded by a weaker dollar. The greenback is on the back foot due to optimism about Biden's stimulus.


EUR/USD rises amid improving market mood ahead of Biden's inauguration

EUR/USD has been advancing to around 1.2150 as the risk-on mood weighs on the safe-haven dollar. President-elect Biden is inaugurated later in the day and hopes of stimulus are high after Treasury Secretary nominee Yellen's testimony. 


Gold: Bulls recapture 200-DMA ahead of Biden's inauguration

Gold prices are attempting to correct higher above 200-DMA. The metal cheers rising US inflation expectations amid hopes of a massive stimulus package under the incoming Biden administration. 

Gold news

Forex Today: Yellen's stimulus boosts sentiment ahead of Biden's inauguration, BOC, Bailey eyed

The market mood is cheerful with stocks and gold rising and the dollar retreating ahead of Biden's inauguration. Yellen has made the case for more stimulus, boosting sentiment. 

Read more

US Dollar Index extends the drop to the 90.30 area, focus on US politics

The US Dollar Index (DXY), which gauges the greenback vs. its main competitors, remains on the back footing so far this week and slips back to the 90.30/25 band.

US Dollar Index News