Gold Price News and Forecast: XAU/USD holds firm in positive territories, investment demand to grow in 2020


Gold: Mildly positive below $1580 as risk aversion continues

Gold remains firm around $1,578 during Friday’s Asian session. The extension of an increase in coronavirus cases seems to have favored the bullion’s latest run-up after cases shot the previous day on the change of diagnosing method.

As per the latest release from China’s Health Commission, the epicenter Hubei province reports 4,823 new cases on the second day of using the new method. The details suggest that the number of people in serious and critical condition rose to 9,638 from the prior readouts of 7,084.

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XAU/USD

Overview
Today last price 1576.28
Today Daily Change -0.03
Today Daily Change % -0.00
Today daily open 1576.31
 
Trends
Daily SMA20 1568.68
Daily SMA50 1534.24
Daily SMA100 1508.35
Daily SMA200 1464.9
 
Levels
Previous Daily High 1578.34
Previous Daily Low 1565.54
Previous Weekly High 1594.01
Previous Weekly Low 1547.56
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1573.45
Daily Fibonacci 61.8% 1570.43
Daily Pivot Point S1 1568.45
Daily Pivot Point S2 1560.6
Daily Pivot Point S3 1555.65
Daily Pivot Point R1 1581.25
Daily Pivot Point R2 1586.2
Daily Pivot Point R3 1594.05

 

Gold holds firm in positive territories, investment demand to grow in 2020

The price of gold is firm and higher by 0.67% on the day so far, having travelled from a low of $1,556.60 to a high of $1,578.30. Worries with the coronavirus taking a turn for the worse on Wednesday night, following the announcements by the Chinese health officials in the Hubei province reporting 242 new deaths and 14,840 new cases of the flu-like virus, dented risk appetite. 

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