Gold Price News and Forecast: XAU/USD refreshes four-month low below $1,830 on market optimism

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD eyes 200-day SMA

Having found acceptance under long-held support, gold now risks falling to the 200-day Simple Moving Average (SMA). The yellow metal closed below $1,850 on Monday, violating the level, which acted as a strong floor multiple times since September.

The breakdown is backed by a below-50 or bearish reading on the 14-day Relative Strength Index (RSI) and a negative MACD histogram. The 5- and 10-day SMAs are trending south, indicating a bearish setup, and so is the bearish crossover of the 50- and 100-day SMAs.

Gold Price Analysis: XAU/USD refreshes four-month low below $1,830 on market optimism

Gold drops to the fresh multi-month low of $1,826.53, down 0.35% intraday, during early Tuesday. The yellow metal recently took offers as US President Donald Trump flashed signs to formally shift powers to Joe Biden. Also favoring the risks could be the chatters concerning Biden’s team and the coronavirus (COVID-19) vaccines.

Although hesitantly, Trump ordered General Services Administration (GSA) to begin the process of opening the White House gates for the recently elected President Biden. This helps the Democrats to escalate the talks surrounding the COVID-19 aid package while also rushing the moves to prepare a sound team to battle the covid woes.

XAG/USD

Overview
Today last price	23.42
Today Daily Change	-0.16
Today Daily Change %	-0.68
Today daily open	23.58

Trends
Daily SMA20	24.23
Daily SMA50	24.38
Daily SMA100	24.58
Daily SMA200	20.44

Levels
Previous Daily High	24.4
Previous Daily Low	23.42
Previous Weekly High	25.08
Previous Weekly Low	23.64
Previous Monthly High	25.56
Previous Monthly Low	22.59
Daily Fibonacci 38.2%	23.8
Daily Fibonacci 61.8%	24.03
Daily Pivot Point S1	23.2
Daily Pivot Point S2	22.83
Daily Pivot Point S3	22.23
Daily Pivot Point R1	24.18
Daily Pivot Point R2	24.78
Daily Pivot Point R3	25.15

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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