Gold Price News and Forecast: XAU/USD jumps 0.8%, confirming wedge breakout


Gold Price Analysis: Jumps 0.8%, confirming wedge breakout

Gold is currently trading at $1,483 per Oz, representing a 0.8% gain on the day. The hourly chart is now reporting a falling wedge breakout, a bullish reversal pattern. The hourly relative strength index has broken out of a two-day long sideways channel, validating the breakout on the price chart. 

The yellow metal could rise to challenge the immediate resistance near $1,495, which is breached, would expose the psychological hurdle of $1,500. On the downside, key support is located at $1,545-$1,451.  A violation there would imply a continuation of the broader decline from recent highs above $1,700.

Read more ...

Gold: Marks three-day losing streak, towards $1,450, despite fresh risk-off

With the fresh risk-off and news of further efforts by the Trump administration to combat against the coronavirus (COVID-19) helping the US dollar, Gold prices remain under pressure around $1,467, with a low of $1,455, amid the Asian session on Friday.

The US Senate GOP announced its third proposal and is close to the final bill, likely on Monday, to ward off the negative economic implications of the deadly virus. Further, New York Mayor anticipates running out of medical supplies and challenge the risk-tone.

Read more ...

XAU/USD

Overview
Today last price 1482.12
Today Daily Change 9.19
Today Daily Change % 0.62
Today daily open 1472.93
 
Trends
Daily SMA20 1603.25
Daily SMA50 1584.08
Daily SMA100 1535.45
Daily SMA200 1502.41
 
Levels
Previous Daily High 1501.2
Previous Daily Low 1464.3
Previous Weekly High 1703.4
Previous Weekly Low 1504.72
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1478.4
Daily Fibonacci 61.8% 1487.1
Daily Pivot Point S1 1457.75
Daily Pivot Point S2 1442.58
Daily Pivot Point S3 1420.85
Daily Pivot Point R1 1494.65
Daily Pivot Point R2 1516.38
Daily Pivot Point R3 1531.55

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD recovers above 0.6750 after Australian jobs data

AUD/USD recovers above 0.6750 after Australian jobs data

AUD/USD picks up a late bid and recovers above 0.6750 in Asian trading on Thursday, following the release of mixed Australian employment data. The extended post-Fed US Dollar recovery, amid a cautious market mood, could limit the pair's upside ahead of US data. 

AUD/USD News
USD.JPY jumps toward 144.00 on the road to recovery

USD.JPY jumps toward 144.00 on the road to recovery

USD/JPY gains traction and approaches 144.00 in Thursday's Asian session. The uptick of the pair is bolstered by the impressive US Dollar recovery. Investors shift their attention to the US data and the Bank of Japan interest rate decision on Friday. 

USD/JPY News
Gold price remains on the defensive amid the post-FOMC USD recovery from YTD low

Gold price remains on the defensive amid the post-FOMC USD recovery from YTD low

Gold price struggles to lure buyers despite the Fed’s jumbo interest rate cut on Wednesday. A further recovery in the US bond yields underpins the USD and caps the non-yielding metal. Concerns about an economic slowdown, along with geopolitical risks, help limit the downside.

Gold News
Ethereum attempts recovery following first rate cut in four years

Ethereum attempts recovery following first rate cut in four years

Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.

Read more
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures