Gold Price News and Forecast: XAU/USD prices bottoming on the monthly chart

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD consolidates biggest losses in two weeks with eyes on $1,850

Gold prices nurse recent losses while picking up bids near $1,840 during the early Thursday morning in Asia. The yellow metal not only snapped the two-day winning streak while reversing from the two weeks high but also posted the heaviest declines in 13 days the previous day. The shift in the risks and news concerning the outflow of the gold Exchange Traded Funds (ETFs) did the most harm to the bullion. Additionally, the market’s cautious mood ahead of the important announcement relating to Brexit, US stimulus and the coronavirus (COVID-19) vaccine also weighed the quote.

XAU/USD

Overview
Today last price	1836.13
Today Daily Change	-2.03
Today Daily Change %	-0.11
Today daily open	1838.16

Trends
Daily SMA20	1843.06
Daily SMA50	1877.54
Daily SMA100	1911.4
Daily SMA200	1807.52

Levels
Previous Daily High	1871.76
Previous Daily Low	1825.5
Previous Weekly High	1848.3
Previous Weekly Low	1764.6
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1843.17
Daily Fibonacci 61.8%	1854.09
Daily Pivot Point S1	1818.52
Daily Pivot Point S2	1798.88
Daily Pivot Point S3	1772.26
Daily Pivot Point R1	1864.78
Daily Pivot Point R2	1891.4
Daily Pivot Point R3	1911.04

Gold Price Analysis: Bears in control, but hedge funds are piling back in

Gold prices bottoming on the monthly chart, raising prospects of fresh cycle rally. Daily price action is playing out towards the nose of the W-formation. Hedge funds have increased their net long positioning.

In the weekly chart, we can see that there was a liquidity hunt before the price resumed the expected direction.

Read more ...

Author

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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