Gold Price News and Forecast: XAU/USD snaps two-day winning streak to slip below $1,750

Governments may ban private gold ownership

A Bloomberg report quotes hedge fund tycoon Crispin Odey as saying that governments may ban private ownership of gold if they lose control of inflation.

Governments and central banks across the globe have launched unprecedented fiscal and monetary lifelines to help their respective economies contain the fallout from the coronavirus outbreak. Many economists are of the opinion that the trillions of dollars of liquidity that is being injected into the global economy would lead to a sharp rise in inflation. 

Gold, a classic hedge against inflation, recently rose to 7.5-year highs near $1,765 and has already rallied by over 10% this year. 

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Gold snaps two-day winning streak to slip below $1,750

Despite bouncing off intraday low of $1,742.80, Gold prints 0.20% loss while taking rounds to $1,745 amid the initial trading session on Thursday. In doing so, the bullion snaps the previous two-day winning streak as the US dollar bounces back from multi-day low amid risk reset.

In addition to the initial Washington Post news suggesting further US-China drama, US President Donald Trump’s latest tweets also indicate a wider difference between the world’s top two economies.

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Today last price 1743.32
Today Daily Change -5.62
Today Daily Change % -0.32
Today daily open 1748.94
Daily SMA20 1715.53
Daily SMA50 1658.42
Daily SMA100 1622.26
Daily SMA200 1557.58
Previous Daily High 1754.04
Previous Daily Low 1742.74
Previous Weekly High 1751.8
Previous Weekly Low 1690.05
Previous Monthly High 1747.82
Previous Monthly Low 1568.46
Daily Fibonacci 38.2% 1749.72
Daily Fibonacci 61.8% 1747.06
Daily Pivot Point S1 1743.11
Daily Pivot Point S2 1737.27
Daily Pivot Point S3 1731.81
Daily Pivot Point R1 1754.41
Daily Pivot Point R2 1759.87
Daily Pivot Point R3 1765.71



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