Gold Price News and Forecast: XAU/USD recovery rally looks exhausted on Hanging Man candle


Gold Price Analysis: Recovery rally looks exhausted on Hanging Man candle

Gold's recovery rally from the March low of $1,451 looks exhausted, according to last week's inside bar hanging man candle. 

An inside bar occurs when prices trading within the preceding period's high and low and is indicative of bull fatigue when it appears after a notable price rise, which is the case here. The hanging man candle, which comprises a small red body and a long lower wick, also indicates buyer exhaustion. As a result, a pullback to $1,600 or lower could be seen this week. At press time, the yellow metal is sidelined around $1,619 per ounce. 

Read more ...

Gold Price Analysis: Investor's appetite back on the rise, bulls not out of the woods

The price of gold in the open on Monday is relatively quiet with the price trading between $1,609.11 and $1,621.24, slightly down at the time of writing at $1,615.33.  However, bulls have been in charge of a correction from the mid-March lows and Friday's as COVID-19 continues to spread and play havoc on the global economy. 

Throughout last week, rising unemployment in the US saw investor appetite for precious metals rise and we saw a bid in precious metals with the price of gold rallying to US1,620/oz after a far worse than expected payrolls number in the US. More on that here: US NFP Quick Analysis: A grim future partially foretold.

Read more ...

XAU/USD

Overview
Today last price 1619.62
Today Daily Change 1.40
Today Daily Change % 0.09
Today daily open 1618.22
 
Trends
Daily SMA20 1582.5
Daily SMA50 1592.91
Daily SMA100 1548.81
Daily SMA200 1514.05
 
Levels
Previous Daily High 1626.17
Previous Daily Low 1606.62
Previous Weekly High 1636.13
Previous Weekly Low 1568.46
Previous Monthly High 1703.27
Previous Monthly Low 1451.3
Daily Fibonacci 38.2% 1618.7
Daily Fibonacci 61.8% 1614.09
Daily Pivot Point S1 1607.84
Daily Pivot Point S2 1597.45
Daily Pivot Point S3 1588.29
Daily Pivot Point R1 1627.39
Daily Pivot Point R2 1636.55
Daily Pivot Point R3 1646.94

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains pressured after US data misses estimates

EUR/USD is trading closer to 1.1750, paring its recovery from earlier in the day as the safe-haven dollar is bid. US Consumer Sentiment missed estimates with 72 points in September. The financial woes of China's Evergrande are weighing on sentiment.

EUR/USD News

GBP/USD trades under 1.38 amid on UK data, dollar strength

GBP/USD is on the back foot, trading under 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 

GBP/USD News

XAU/USD surrenders intraday gains, drops closer to $1,750 level

Gold struggled to preserve its intraday gains and dropped to the lower end of the daily trading range during the early North American session. 

Gold News

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing. Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.

Read more

US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

Read more

Forex MAJORS

Cryptocurrencies

Signatures