Gold Price News and Forecast: XAU/USD stays below $1,680 as trade sentiment recovers

FXStreet Team FXStreet

Gold stays below $1,680 as trade sentiment recovers

With the global policymakers showing action plans to tame coronavirus (COVID-19), Gold buyers trim profits from the multi-year high to $1,671 as most markets in Asia open for trading on Tuesday. The yellow metal recently took clues from the US Coronavirus Task Force briefings that suggested the US policymakers’ readiness to take measures as well as the availability of sources.

US President Donald Trump said ‘major’ economic measures will be taken in response to the virus while Vice President Mike Pence took a U-turn from Friday’s comments signaling a lack of enough testing kits in the labs. Further, the US Treasury Secretary Steve Mnuchin mentioned his regular conversations with the Fed Chair Jerome Powell while readiness to work with small businesses that need liquidity.

XAU/USD

Overview
Today last price	1664.08
Today Daily Change	-16.68
Today Daily Change %	-0.99
Today daily open	1680.76

Trends
Daily SMA20	1619.22
Daily SMA50	1583.47
Daily SMA100	1531.3
Daily SMA200	1493.76

Levels
Previous Daily High	1703.4
Previous Daily Low	1657.57
Previous Weekly High	1692.34
Previous Weekly Low	1575.58
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1685.89
Daily Fibonacci 61.8%	1675.08
Daily Pivot Point S1	1657.75
Daily Pivot Point S2	1634.75
Daily Pivot Point S3	1611.92
Daily Pivot Point R1	1703.58
Daily Pivot Point R2	1726.41
Daily Pivot Point R3	1749.41

Gold Asia Price Forecast: XAU/USD parked below $1700/oz at multi-year highs

XAU/USD is trading close to multi-year highs while above its main daily simple moving averages (SMAs). The yellow metal hit a new 2020 high amid increasing Coronavirus fears. Prime Minister Conte stated that all Italy is now 'protected zone'.

After reaching the 1700.00 mark, XAU/USD is consolidating gains while trading above its main SMAs. Buyers stay in control although the metal arguably formed a double top/higher high with the February highs which bulls have now to overcome. Support should be expected in the 1674.72/1663.00 price zone, according to the Technical Confluences Indicator.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.