Gold Price News and Forecast: XAU/USD retraces most of Tuesday's decline amid coronavirus fears and crashing oil prices

FXStreet Team FXStreet

Gold Preparing for a Bearish Move

In its hourly chart, Gold shows an upward movement that drives the precious metal until the zone of $1,670 per ounce. However, the Elliott wave perspective makes us expect a new decline.

The yellow metal currently moves in a potential flat pattern, that follows an internal sequence as 3-3-5. Until now, the price action has advanced in the second segment identified as a wave (b) of Minuette degree labeled in blue, this corrective movement is confirmed by RSI oscillator that moves near to level 60.

The completion of the current upward segment should give way to a new bearish movement that could drive to Gold toward new lows. Read more...

Gold retraces most of Tuesday's decline amid coronavirus fears and crashing oil prices

The gold futures contract lost 0.92% on Tuesday, as it extended its downward correction from Monday’s new medium-term high of $1,704.30. Two weeks ago the gold price collapsed to the low of $1,564despite an ongoing coronavirus scare. However, the market retraced all of the declines last week, as virus fears reappeared. Gold broke higher on Monday, but then the market got back lower again.

Gold is 0.8%higher this morning, as it retraces most of yesterday’s decline. What about the other precious metals? Silver lost 0.58% on Tuesday and today it is trading 0.6% higher. Platinum gained 0.76% yesterday and this morning it is trading 1.3% higher. Palladium lost 3.67%yesterday and today it is trading 2.0% lower, as it extends its short-term downtrend. Read more...

XAU/USD off multi-year highs, trades near $1660/oz

XAU/USD is off multi-year highs while trading above its main daily simple moving averages (SMAs). The metal formed a double top/higher high and is retracing down.

Gold four-hour chart

After the spike to the 1700.00 mark, gold is pulling back down while trading above its main SMAs. Buyers could be losing steam as XAU/USD printed a double top/higher high with the February highs which the metal will have to overcome. Support could be expected in the 1650/1640 price zone, according to the Technical Confluences Indicator. Read more...

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FXStreet Team

FXStreet

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