Gold Price News and Forecast: XAU/USD seesaw around $1,700 amid challenges to US-China trade deal

FXStreet Team FXStreet

Gold prices seesaw around $1,700 amid challenges to US-China trade deal

Gold prices fail to extend the uptick beyond $1,700 while taking rounds $1,698, down 0.10% on a day, amid the early Monday’s trading. It should be noted that the bullion slipped to $1,692.30 during the early-Asian session amid broad risk-off sentiment.

While good news from Gilead seems to eased the coronavirus (COVID-19) fears at the start of the week, the Trump administration’s criticism of China’s mishandling of the virus outbreak weighed on the risk-tone.

XAU/USD

Overview
Today last price	1700.21
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	1700.21

Trends
Daily SMA20	1694.54
Daily SMA50	1638.3
Daily SMA100	1592.94
Daily SMA200	1541.06

Levels
Previous Daily High	1705.82
Previous Daily Low	1670.72
Previous Weekly High	1728.71
Previous Weekly Low	1670.72
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1692.41
Daily Fibonacci 61.8%	1684.13
Daily Pivot Point S1	1678.68
Daily Pivot Point S2	1657.15
Daily Pivot Point S3	1643.58
Daily Pivot Point R1	1713.78
Daily Pivot Point R2	1727.35
Daily Pivot Point R3	1748.88

Markets Outlook: All eyes on US Non-Farm Payrolls

Month-end dynamics were at work again in the gold market as miners took the opportunity to hedge forward production at elevated cross-currency level (ZAR/GOLD). And there was more chatter that the Bank of England may cede to Venezuela’s request to release 1 million ounces of gold for immediate sale. But with volumes in London averaging around 20-25 million ounces per day, that would likely have only a temporary negative effect.

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