Gold Price News and Forecast: XAU/USD looks firmer and closer to $1,900/oz

FXStreet Team FXStreet

Gold Futures: Further upside appears limited

Open interest in Gold futures markets extended the downtrend for yet another session on Monday, this time by just 114 contracts in light of preliminary readings from CME Group. Volume, in the same line, decreased for the third consecutive session, now by around 48.3K contracts.

Gold met support around $1,860/oz.

The positive performance of Gold prices at the beginning of the week was on the back of shrinking open interest and volume, leaving the likeliness of further upside somewhat limited in the very near-term. That said, initial contention now emerges at the October’s low at $1,860 per ounce. Read more...

Gold Price Analysis: XAU/USD looks firmer and closer to $1,900/oz

Gold prices reverse the initial bearishness and refocus on the upside, trading at shouting distance from the key barrier at the $1,900 mark per ounce troy. The better tone surrounding the precious metal tracks the upbeat sentiment in the broad risk complex, all so far propped up by the renewed selling pressure in the dollar ahead of the US elections.

Indeed, traders appear optimistic on a Biden win and the potential “blue wave” that it is supposed to follow. Under this scenario, bets of another coronavirus stimulus bill remain high as well as a more market-friendly approach to the US-China trade dispute. Read more...

Gold Price Analysis: XAU/USD trades with modest losses, focus remains on US elections

Gold edged lower through the Asian session, albeit lacked any strong follow-through and remained well within the striking distance of multi-day tops set earlier this Tuesday.

The precious metal stalled its recent recovery move from one-month lows ahead of the $1900 mark and witnessed a modest pullback during the first half of the trading action on Tuesday. The prevalent upbeat market mood – as depicted by another day of strong gains in the US equity futures – was seen as a key factor weighing on traditional safe-haven assets, including gold. Read more...

XAU/USD

Overview
Today last price	1899.48
Today Daily Change	4.00
Today Daily Change %	0.21
Today daily open	1895.48

Trends
Daily SMA20	1899.2
Daily SMA50	1914.99
Daily SMA100	1891.33
Daily SMA200	1771.69

Levels
Previous Daily High	1895.79
Previous Daily Low	1873.52
Previous Weekly High	1911.46
Previous Weekly Low	1860
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1887.28
Daily Fibonacci 61.8%	1882.03
Daily Pivot Point S1	1880.74
Daily Pivot Point S2	1865.99
Daily Pivot Point S3	1858.47
Daily Pivot Point R1	1903.01
Daily Pivot Point R2	1910.53
Daily Pivot Point R3	1925.28

Author

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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