Gold Price News and Forecast: XAU/USD remains under pressure around $1,551 as US dollar keeps the gains


Gold Price Analysis: Stays below $1,560 following Tuesday’s bearish spinning top

Gold remains on the back foot while trading around $1,556.90 during the Asian session on Wednesday. The yellow metal portrayed a bearish candlestick formation, backed by bearish MACD, during the previous day.

As a result, the bullion’s prices are likely to decline further towards 38.2% Fibonacci retracement of its November-January rise, at $1,547, ahead of testing 21-day SMA level of 1,542.55. During the precious metal’s downside past-21-day SMA, 50% of Fibonacci retracement and November month high could please sellers around $1,528 and $1,515.

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Gold remains under pressure around $1,551 as US dollar keeps the gains

Gold bounces off the intra-day low of $1,550.40, flashed a few minutes back, to $1,551.30 by the press time of the pre-European session on Wednesday. In doing so, the safe-haven ignores the geopolitical risks emanating from China and the uncertainty surrounding the US-China trade relations. The reason could be found in the US dollar strength that has a negative correlation with the yellow metal.

China’s outbreak of coronavirus took nine lives by the end of Tuesday, as confirmed by the China National Health Commission (NHC). The same renews fears of the return of the Severe Acute Respiratory Syndrome (SARS) virus that resulted in 774 deaths in 2002/03. The NHC said it will take strict monitoring measures over the Wuhan city that is known to be the epicenter of the virus.

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XAU/USD

Overview
Today last price 1551.88
Today Daily Change -6.93
Today Daily Change % -0.44
Today daily open 1558.81
 
Trends
Daily SMA20 1541.85
Daily SMA50 1498.89
Daily SMA100 1497.57
Daily SMA200 1440.09
 
Levels
Previous Daily High 1568.62
Previous Daily Low 1546.5
Previous Weekly High 1562
Previous Weekly Low 1536.35
Previous Monthly High 1525.1
Previous Monthly Low 1454.05
Daily Fibonacci 38.2% 1554.95
Daily Fibonacci 61.8% 1560.17
Daily Pivot Point S1 1547.33
Daily Pivot Point S2 1535.86
Daily Pivot Point S3 1525.21
Daily Pivot Point R1 1569.45
Daily Pivot Point R2 1580.1
Daily Pivot Point R3 1591.57

 

 

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