Gold Price News and Forecast: XAU/USD licks wounds above $1,800 as market optimism fades

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD hovers within the range of Wednesday's Doji candle

Gold is currently hovering near $1,810 per ounce, having formed a Doji candle on Wednesday with a back-and-forth trading in the range of $1,801 to $1,818. A Doji candle represents indecision in the market and makes the following day's close pivotal.

In other words, the next move in gold depends on Thursday's close. Acceptance above the Doji candle's high of 1,818 would mean the period of indecision has ended with a bull victory and could yield a re-test of the former support-turned-hurdle at $1,880.

Gold Price Analysis: XAU/USD licks wounds above $1,800 as market optimism fades

Gold prices probe intraday high near $1,812, up 0.30% on a day, during the early Thursday. In doing so, the yellow metal marks the highest gains in a week while trying to bounce off the lowest since mid-July, marked on Tuesday, amid mixed catalysts.

Upbeat market sentiment led by the US President-elect Joe Biden’s welcome couldn’t last long as the downbeat data from American joined the 60 million global coronavirus (COVID-19) cases, not to forget extended partial lockdowns in Germany, to challenge the bulls.

XAU/USD

Overview
Today last price	1811.24
Today Daily Change	4.46
Today Daily Change %	0.25
Today daily open	1806.78

Trends
Daily SMA20	1877.54
Daily SMA50	1891.48
Daily SMA100	1910.36
Daily SMA200	1797.38

Levels
Previous Daily High	1817.8
Previous Daily Low	1801.7
Previous Weekly High	1899.14
Previous Weekly Low	1852.8
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1807.85
Daily Fibonacci 61.8%	1811.65
Daily Pivot Point S1	1799.72
Daily Pivot Point S2	1792.66
Daily Pivot Point S3	1783.62
Daily Pivot Point R1	1815.82
Daily Pivot Point R2	1824.86
Daily Pivot Point R3	1831.92

Author

FXStreet Team

FXStreet

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