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

FXStreet Team FXStreet

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.

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.

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

Author

FXStreet Team

FXStreet

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