Gold Price News and Forecast: XAU/USD sellers are dominating [Video]

FXStreet Team FXStreet

Gold in wait-and-see mode ahead of US election; bears eye 1,900 [Video]

Gold completed another indecisive week, maintaining a horizontal trajectory within the 1,848-1,930 area as the final countdown to the US election nears an end, the stimulus confusion remains intact, and vaccine hopes rise.

Gold sellers are dominating

Gold sellers are dominating. Last 3 months selling on rallies was dominant strategy for positional intraday traders. Occasional longs are possible only with the strict timeframes such as 15m.

W H4 and 78.6 are making a confuence close to the previous top. 1919-1922 is the POC zone where we might expect sellers to react. If the market gets higher above 1934 then sellers will be in trouble. I expect rejections off 1911-13 zone and 1919-22 zone. Targets are 1892 and 1882. Read More...

Have you noticed gold rises in a risk on market?

This short article is to point out a relationship with gold and the dollar. It does pay from time to time to point out the obvious and this may be a relationship that you have missed if you are not heavily absorbed in the markets day to day. Well, you probably know that gold is an anti-dollar commodity. The USD has the biggest impact on the gold. If you take a look at the chart below you can see how the recent relationship between the spot gold price and the dollar index has played out.

When the dollar falls, gold rises and vice versa. Now during the COVID-19 crisis the USD has been operating like a safe haven currency and gaining strength during risk off sessions. This is key to understanding the way that the USD has been impacting gold. If you take a look at the chart below of the S&P500 (candlesticks) and the DXY (yellow line) you can see the relationship. As the S&P500 falls, so does gold and vice versa. Read More...

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EUR/USD remains offered, challenges the 200-day SMA

EUR/USD adds to the current leg lower and comes just pips away from its significant 200-day SMA around 1.1580 as the NA session draws to a close on Thursday. The deeper drop comes in response to the intense advance in the Greenback, this time propped up by firm US data and higher US Treasury yields.

GBP/USD drops to four-week lows near 1.3360

Moving in step with other risk-sensitive peers, GBP/USD is attracting heavier selling and has slipped below the key 1.3400 support on Thursday to hit fresh four-week troughs. Cable’s decline reflects a firmer US Dollar as investors keep evaluating the latest batch of US data.

Gold remains offered just above $4,600

Gold is giving back part of its recent strong run, managing to bounce off earlier lows and reclaim the area beyond the $4,600 mark per troy ounce on Thursday. The pullback comes as the Greenback regains traction, Treasury yields move higher, and some profit-taking kicks in.