Gold Price News and Forecast: XAU/USD stays depressed below $1,850 amid risk-on mood

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD eyes $1,842 immediate resistance amid lacklustre trading – Confluence Detector

Gold prices recover to $1,838, up 0.08% intraday, while heading into Monday’s European session. Although a lack of major catalysts weighs on the yellow metal, the latest chatters concerning the US-China tussle and Japan’s stimulus help the commodity buyers to remain optimistic despite Friday’s losses.

Early in Asia, Reuters came out with the news suggesting the Trump administration’s readiness for further sanctions on the policymakers from China’s Communist Party (CCP). The news precedes China’s weaker than expected imports of 4.1% YoY for November, which in turn suggests the brewing trade war.

Gold Price Analysis: XAU/USD stays depressed below $1,850 amid risk-on mood

Gold pulls back from the intraday low of $1,833.10, down 0.08% on a day, ahead of Monday’s Tokyo open. In doing so, the yellow metal fades late Friday’s corrective recovery while taking a U-turn from $1,839.27. The reason could be traced from the S&P 500 Futures’ upbeat start of the week despite Brexit jitters.

S&P 500 Futures pierces 3,700 round-figure, currently up 0.30% to 3,701, amid the initial Asian session. The risk barometer managed to refresh the record high with 3,704.88 figures at the week’s start.

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XAG/USD

Overview
Today last price	24.07
Today Daily Change	-0.10
Today Daily Change %	-0.41
Today daily open	24.17

Trends
Daily SMA20	23.92
Daily SMA50	24.09
Daily SMA100	24.99
Daily SMA200	20.68

Levels
Previous Daily High	24.41
Previous Daily Low	23.93
Previous Weekly High	24.41
Previous Weekly Low	21.9
Previous Monthly High	26.01
Previous Monthly Low	21.9
Daily Fibonacci 38.2%	24.23
Daily Fibonacci 61.8%	24.12
Daily Pivot Point S1	23.93
Daily Pivot Point S2	23.69
Daily Pivot Point S3	23.45
Daily Pivot Point R1	24.41
Daily Pivot Point R2	24.65
Daily Pivot Point R3	24.9

Author

FXStreet Team

FXStreet

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.