Gold Price News and Forecast: XAU/USD positive above $1,570 as China’s coronavirus heavies risk-tone


Gold one-year risk reversals hit lowest since June

Gold one-year risk reversals, a gauge of calls to puts on the yellow metal and a barometer of positioning and sentiment, fell to the lowest level in eight months on Monday, indicating a weakening of demand for the call options or bullish bets. 

The risk reversals declined to 3.125, a level last seen on June 21, having topped out at 4.425 in the first week of January, when the US-Iran tensions had triggered a flight to safety and put a haven bid under gold. 

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Gold: Positive above $1,570 as China’s coronavirus heavies risk-tone

Gold prices remain on the front foot around $1,573 during Monday’s Asian session. In doing so, the yellow metal rises for the fourth consecutive day while also challenging the highest levels since last Tuesday. China’s coronavirus has been the key risk driver off-late. Even so, the broad US dollar rally questions the bullion buyers.

Be it policymakers from RBA and Japan or the Fed’s semi-annual report, not to forget global producers, everyone now expects China’s epidemic to have a serious negative impact on the macros.

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XAU/USD

Overview
Today last price 1570.32
Today Daily Change 0.19
Today Daily Change % 0.01
Today daily open 1570.13
 
Trends
Daily SMA20 1564.68
Daily SMA50 1526.34
Daily SMA100 1506.11
Daily SMA200 1459.12
 
Levels
Previous Daily High 1574.14
Previous Daily Low 1560.5
Previous Weekly High 1594.01
Previous Weekly Low 1547.56
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1568.93
Daily Fibonacci 61.8% 1565.71
Daily Pivot Point S1 1562.37
Daily Pivot Point S2 1554.62
Daily Pivot Point S3 1548.73
Daily Pivot Point R1 1576.01
Daily Pivot Point R2 1581.9
Daily Pivot Point R3 1589.65

 

 

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