Gold Price News and Forecast: XAU/USD – Limited risk of a steeper decline

FXStreet Team FXStreet

Gold closer to $1.600 again while risk-on assets are on the run

The gold futures lost 3.17% on Thursday, as it fell below $1,600 level and reached the daily low of $1,560.40. Yellow metal fell the lowest since early February following financial markets liquidity squeeze. Earlier in the week, the market bounced off Monday's new medium-term high of $1,704.30. Two weeks ago the gold price collapsed to the low of $1,564 despite an ongoing coronavirus scare. However, the gold price retraced all of the decline last week, as virus fears reappeared. Yesterday it has retraced the advance again. Read more...

Gold: Limited risk of a steeper decline

Gold is ending the week with losses despite risk-off dominated the headlines. Spot gold recovered on Friday but held below the 38.2% retracement of the weekly slide, Valeria Bednarik from FXStreet informs.

Key quotes

“Spot gold is trading below a critical area ahead of the close, as it lost the battle with a long-term major Fibonacci level, the 61.8% retracement of the 2011/2015 decline, and also the 23.6% retracement of its weekly decline, both levels just shy of 1,590.00.” Read more...

XAU/USD Analysis: Touched 1,560.00

On Thursday, the XAU/USD exchange rate dropped to the 1,560.00 level. During today's morning, the rate was trading in the 1,580.00 area.

On the one hand, it is likely that yellow metal could depreciate against the US Dollar in the nearest future. In this case the price for gold could decline below 1,560.00. Read more...

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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