Gold Price News and Forecast: XAU/USD on the defensive below $1930 level

FXStreet Team FXStreet

Gold technical analysis: Sustains bullish tone despite crawling sideways

Gold is currently extending a sideways pattern above the simple moving averages (SMAs) and the 1,900 psychological number. Directional momentum has dried up as displayed by the steadied Ichimoku lines. Nonetheless, the rising SMAs continue to dictate a predominant bullish bias.

The short-term oscillators reflect a relatively paused picture under a restrictive diagonal line drawn from the all-time high. The MACD has remained somewhat in the positive region but beneath its red signal line, while the RSI hovers marginally underneath its neutral threshold. That said, the stochastic oscillator is bearish and the %K line has slipped below 20, promoting weakness in the commodity. Read More...

Gold Price Analysis: XAU/USD on the defensive below $1930 level

Gold refreshed daily lows, around the $1927-26 region during the early European session, albeit lacked any strong follow-through selling.

The precious metal failed to capitalize on its early uptick, instead met with some fresh supply near the $1941-42 region and was being pressured by a strong pickup in the US dollar demand. As investors looked past Friday's mixed US monthly jobs report, the greenback was back in demand on the first day of a new trading week. This, in turn, was seen as one of the key factors weighing on the dollar-denominated commodity. Read More...

XAU/USD

Overview
Today last price	1930.51
Today Daily Change	-3.65
Today Daily Change %	-0.19
Today daily open	1934.16

Trends
Daily SMA20	1950.37
Daily SMA50	1903.26
Daily SMA100	1812.68
Daily SMA200	1690.86

Levels
Previous Daily High	1949.5
Previous Daily Low	1916.42
Previous Weekly High	1992.42
Previous Weekly Low	1916.42
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1936.86
Daily Fibonacci 61.8%	1929.06
Daily Pivot Point S1	1917.22
Daily Pivot Point S2	1900.28
Daily Pivot Point S3	1884.14
Daily Pivot Point R1	1950.3
Daily Pivot Point R2	1966.44
Daily Pivot Point R3	1983.38

Gold: Breaking an uptrend is not the end for the bulls

During the latter stages of last week we discussed the importance of the market continuing to form support around the 23.6% Fibonacci retracement (of $1451/$2072) at $1926. Intraday tests continue, but the consistent appetite to protect this support into the close is encouraging for the gold bulls. This has been a spluttering phase in recent weeks, where the market has effectively formed a range between $1900/$2000 (with the support low the low at $1902 and resistance of rebound highs at $1991 and $2015. Daily momentum indicators have moderated back into broadly neutral positioning with this loss of traction. It has also meant that the rising three month uptrend which has supported the market since mid-June, is now being breached (albeit not decisively broken yet). Read More...

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FXStreet Team

FXStreet

EUR/USD remains bid near 1.1650 post-US ADP

Finally some respite for the risk complex see EUR/USD partially recover from the recent steep sell-off, this time hovering around the 1.1650 zone amid decent gains in a context of renewed selling pressure on the US Dollar. However, the duration and extension of this bounce should be put to the test amid the unabated tensions in the Middle East.

GBP/USD meets resistance around 1.3400

In line with its risk-linked peers, GBP/USD stages a modest comeback on Wednesday, although meeting some resistance around the 1.3400 neighbourhood. Cable’s humble recovery comes on the back of the fresh downward bias in the Greenback amid a marginal improvement in the global sentiment and steady geopolitical effervescence.

Gold flirts with $5,200 amid safe haven demand

Gold partially fades Tuesday’s sharp pullback, regaining the $5,200 mark per troy ounce on the back of the resurgence of investors’ demand for the safe-haven space. The precious metal remains well propped up by the deterioration of the geopolitical scenario in the Middle East, while the softer tone in the US Dollar collaborates with the uptick.