Gold Price News and Forecast: XAU/USD is trending up


Gold Price Analysis: XAU/USD portrays indecision around mid-$1,800s despite risk-on mood

Gold prices seesaw between $1,854-57, currently around $1,855.60, amid the initial Asian session on Wednesday. The yellow metal rose for the first time in the last five days on Tuesday amid the US dollar weakness and risk-on mood. However, a lack of major catalysts during early Asia probe the commodity buyers off-late.

The US Centers for Disease Control and Prevention (CDC) recently announced compulsory coronavirus (COVID-19) testing as well as the negative result for all fliers into the US from January 26.

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XAG/USD

Overview
Today last price 25.68
Today Daily Change 0.14
Today Daily Change % 0.55
Today daily open 25.54
 
Trends
Daily SMA20 26.14
Daily SMA50 24.91
Daily SMA100 25.03
Daily SMA200 22.13
 
Levels
Previous Daily High 25.64
Previous Daily Low 24.9
Previous Weekly High 27.92
Previous Weekly Low 24.47
Previous Monthly High 27.41
Previous Monthly Low 22.59
Daily Fibonacci 38.2% 25.36
Daily Fibonacci 61.8% 25.18
Daily Pivot Point S1 25.08
Daily Pivot Point S2 24.62
Daily Pivot Point S3 24.34
Daily Pivot Point R1 25.82
Daily Pivot Point R2 26.1
Daily Pivot Point R3 26.55

 

XAU/USD: Gold/USD is trending up after the sell-off but needs to break and hold above 1855.00

I indicated the probability of prices bouncing at 1908.00 and heading up to test previous highs in my last post. However, prices failed, and we saw a sell-off as indicated on the chart below.

Prices now seem to have settled and starting to trend up again. The critical levels to watch are around 1840.00 and 1825.00 support, and resistance at 1855.00. 

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