Gold Price News and Forecast: XAU/USD is at critical support level

FXStreet Team FXStreet

Is gold set to run higher?

The recent run higher in gold looks set to continue based on the following reasons. There are some very strong seasonals in play with the Chinese Lunar New Year approaching. Gold tends to do very well at the start of the year and this point is being confirmed by the rise in ETF flows that are coming in at the start of the year.

Gold ETF flows start to rise again after bottoming out. The holdings in SPDR gold shares, which is the largest bullion backed ETF, grew by 17.2 tons on the first day of this week. That is the biggest amount of inflow since September. The last run higher in gold was driven by these rising ETF levels. This was despite the drop off in physical demand due to COVID-19. So, this means that gold looks set for higher prices based on the rising ETF flows. The ETF flows tend to trend and they also tend to move in tandem with gold prices. Rising ETF flows generally equates to rising gold prices and vice versa. Read more...

Gold is at critical support level

Gold is bullish and after a big retracement we might see the final attempt from bulls to spike the price up.

1879-1888 is the critical support zone. Below 1869 the weekly trend will change to bearish. If we see the bounce from the POC zone watch for 1914 and 1938 as targets. However, a break below 1868 might instruct the market to remain bearish next week so we will sell on rallies. Have in mind that GOLD is volatile and big moves can happen on Friday. Read more...

Gold Price Analysis: XAU/USD off lows, $1900 still at risk ahead of NFP

Gold (XAU/USD) has bounced-off a dip to near the $1906 region, as the bulls attempt a tepid recovery above the 200-hourly moving average (HMA), currently at $1909. Despite the pullback, gold’s path of least resistance appears to the downside, especially after the price confirmed a rising channel breakdown on the hourly chart in the Asian trades.

Bears eye a break below the critical $1900 level to accelerate the downside. Further south, the previous week low of $1869 could be tested. Meanwhile, the bearish bias will remain intact so long as the price holds below powerful resistance aligned around $1913, which is the confluence of the bearish 21-HMA and the channel support now resistance. Read more...

XAU/USD

Overview
Today last price	1892.48
Today Daily Change	-21.04
Today Daily Change %	-1.10
Today daily open	1913.52

Trends
Daily SMA20	1884.55
Daily SMA50	1869.55
Daily SMA100	1893.22
Daily SMA200	1838.13

Levels
Previous Daily High	1927.76
Previous Daily Low	1906.96
Previous Weekly High	1901.02
Previous Weekly Low	1869.32
Previous Monthly High	1906.87
Previous Monthly Low	1775.52
Daily Fibonacci 38.2%	1914.91
Daily Fibonacci 61.8%	1919.81
Daily Pivot Point S1	1904.4
Daily Pivot Point S2	1895.28
Daily Pivot Point S3	1883.6
Daily Pivot Point R1	1925.2
Daily Pivot Point R2	1936.88
Daily Pivot Point R3	1946

Author

FXStreet Team

FXStreet

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