Gold Price News and Forecast: XAU/USD loses bullish momentum ahead of next week's key events

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD stays pressured below $1,850 amid risk-on mood

Gold drops to $1,837.50, down 0.12% intraday, during Monday’s Asian trading. In doing so, the yellow metal keeps the downside momentum portrayed at the week’s start while following the risk-positive headlines. However, bears are also cautious amid the coronavirus (COVID-19) woes and a lack of clarity over the key issues.

XAU/USD

Overview
Today last price	1835.93
Today Daily Change	-3.41
Today Daily Change %	-0.19
Today daily open	1839.34

Trends
Daily SMA20	1838.62
Daily SMA50	1874.97
Daily SMA100	1910.26
Daily SMA200	1809.34

Levels
Previous Daily High	1847.78
Previous Daily Low	1824.16
Previous Weekly High	1875.34
Previous Weekly Low	1822.22
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1838.76
Daily Fibonacci 61.8%	1833.18
Daily Pivot Point S1	1826.41
Daily Pivot Point S2	1813.47
Daily Pivot Point S3	1802.79
Daily Pivot Point R1	1850.03
Daily Pivot Point R2	1860.71
Daily Pivot Point R3	1873.65

Gold Weekly Forecast: XAU/USD loses bullish momentum ahead of next week's key events

The XAU/USD pair built on previous week’s gains and touched its highest level in two weeks at $1,875.79 on Tuesday. In addition to the technical buying pressure that gathered momentum after the pair closed above the 20- day SMA back in early December, the USD’s poor performance fueled the rally. However, XAU/USD lost its traction in the second half of the week and erased the majority of its weekly gains before settling below $1,850.

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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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