Gold Price News and Forecast: XAU/USD is 0.7% down right now

FXStreet Team FXStreet

Gold is 0.7% down right now

The gold futures lost 3.14% on Wednesday, as it retraced most of Tuesday’s rebound following selling off below $1,500 price level. Yellow metal fell the lowest since late November of 2019 on Monday, before bouncing off from new medium-term low of $1,450.90. Last week the market bounced off its new medium-term high at$1,704.30. Two weeks ago the gold price collapsed to the local low of $1,564 despite an ongoing coronavirus scare. However, the gold price retraced all of the decline recently, as virus fears reappeared. Then on Thursday and Friday it has reversed sharply lower. Today gold is trading along yesterday’s daily low. Read more...

Gold Intra-day movements - Elliott wave analysis

No change for gold, we remain bearish for a drop below 1452 as latest recovery to 1554 unfolded in three waves; seen as wave four. In fact, metal also fell below corrective channel support line that can turn into a resistance in current A-B-C rise. I would not be surprised by more weakness later in US session. Read more...

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FXStreet

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