Gold Price News and Forecast: XAU/USD spot holding below 1889/90 keeps the outlook negative


What can gold bugs learn from the latest world gold council report?

Year to date demand for gold is approximately equal to 2009 demand .The year to date demand is around 2,972 tonnes. Take a look at the year to date demand chart for gold to compare it to other years with a breakdown of the major parts to this demand: Gold backed ETF’s, bars and coins, and jewellery demand etc.

Recent demand has been slowing as spot prices hit high levels in Q3. The quarter on quarter demand for Q3 fell to 892.3 tonnes. This is the lowest since Q3 2009. Read more...

Gold

Gold spot holding below 1889/90 keeps the outlook negative

Gold gains are likely to be limited with first resistance at 1875/77. Shorts need stops above 1880. Try shorts at 1887/89 with stops above 1892.

Shorts at first resistance at 1875/77 target 1866/64 with first support at 1859/57. Longs need stops below 1854. A break lower is an important sell signal targeting 1848/46 & strong support at 1835/30 for profit taking but longs may still be too risky. Silver holding resistance at 2355/60 A break above 2370 targets 2390 then a selling opportunity at 2420/30 with stops above 2440. Read more...

Gold

Gold clings to modest gains above $1870 level, remains vulnerable

Gold traded with a mild positive bias through the first half of the European session, albeit lacked any follow-through and was seen oscillating in a range just above the $1870 level.

A combination of supporting factors assisted the precious metal to gain some positive traction on the last trading day of the week and move away from one-month lows set in the previous session. The US dollar bulls refrained from placing fresh bets amid the uncertainty over the outcome of the US presidential election. This, in turn, was seen as one of the key factors lending some support to the dollar-denominated commodity. Read more...

XAU/USD

Overview
Today last price 1879.38
Today Daily Change 11.52
Today Daily Change % 0.62
Today daily open 1867.86
 
Trends
Daily SMA20 1901.01
Daily SMA50 1916.89
Daily SMA100 1888.15
Daily SMA200 1768.49
 
Levels
Previous Daily High 1885.05
Previous Daily Low 1860
Previous Weekly High 1931.54
Previous Weekly Low 1894.48
Previous Monthly High 1992.42
Previous Monthly Low 1848.82
Daily Fibonacci 38.2% 1869.57
Daily Fibonacci 61.8% 1875.48
Daily Pivot Point S1 1856.89
Daily Pivot Point S2 1845.92
Daily Pivot Point S3 1831.84
Daily Pivot Point R1 1881.94
Daily Pivot Point R2 1896.02
Daily Pivot Point R3 1906.99

 

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