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

FXStreet Team FXStreet

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.

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.

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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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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