Gold Price News and Forecast: XAU/USD price trend this week [Video]

FXStreet Team FXStreet

Gold trades near almost 8-year peak; still bullish [Video]

Gold prices are continuing the upside movement, creating new highs and touching an almost eight-year peak at 1,779. The short-term technical indicators are neutral-to-bullish and point to a somewhat stroiger market. Read More...

XAU/USD – Gold price trend this week

On Friday, the US stock markets opened in negative territory and deteriorated into the market close at an average of more than 2.5%. This was followed by the 10-year US Treasury yields that fell below 0.65%, resulting in the gold price bouncing back up to stand above $1770. USOil closed almost $1 a barrel lower at $38.16. The number of people infected with Covid-19 around the world has reached 10 million, and the number of deaths is now at more than 500,000 , while in the United States the number of people infected reached its highest record ever last week at over 2.5 million, with deaths at 125,000.

However, in the midst of the high number of people still infected last weekend, the Chinese National Biotec Group (CNBG) announced the results of a second vaccine test for humans. This was found to be a safe and effective treatment and could help to build confidence in the market this week. Read More...

Gold eases below $1770 level, downside seems limited

Gold struggled to capitalize on its early uptick back closer to multi-year tops and was last seen trading near daily lows, just below the $1770 region.

The ever-increasing number of new cases globally served as a warning that the fight against COVID-19 is not over and indicated that the road to recovery will be much slower than expected. Fading hopes of a sharp V-shaped global economic recovery continued weighing on investors' sentiment and benefitted the safe-haven precious metal. Read More...

XAU/USD

Overview
Today last price	1771.25
Today Daily Change	-0.09
Today Daily Change %	-0.01
Today daily open	1771.34

Trends
Daily SMA20	1732.05
Daily SMA50	1722.11
Daily SMA100	1667.98
Daily SMA200	1586.78

Levels
Previous Daily High	1772.04
Previous Daily Low	1747.59
Previous Weekly High	1779.41
Previous Weekly Low	1742.97
Previous Monthly High	1765.38
Previous Monthly Low	1670.72
Daily Fibonacci 38.2%	1762.7
Daily Fibonacci 61.8%	1756.93
Daily Pivot Point S1	1755.27
Daily Pivot Point S2	1739.21
Daily Pivot Point S3	1730.82
Daily Pivot Point R1	1779.72
Daily Pivot Point R2	1788.11
Daily Pivot Point R3	1804.17

Author

FXStreet Team

FXStreet

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.