Gold Price News and Forecast: XAU/USD steps back from two-week top to stay below $1,650

FXStreet Team FXStreet

Gold Price Analysis: Under pressure, but market still looks indecisive

Despite the losses, the yellow metal is still trapped in a trading range defined by the consecutive daily candles with long wicks and small bodies created on Wednesday and Thursday.

A break above Thursday's high of $1,645 would imply the period of indecision has ended with a bullish breakout and could cause more buyers to join the market, yielding a rise toward resistance at $1,675.

Gold: Steps back from two-week top to stay below $1,650

Despite refreshing two-week high the previous day, gold prices step back to $1,626 amid the Asian session on Friday. The bullion earlier cheered the broad US dollar weakness while paying a little heed to the risk-on sentiment. Though, coronavirus (COVID-19) remains in focus as the US dethrones China as the biggest victim.

The US dollar index slumped to the multi-day low on Thursday as the world’s largest economy is jostling with the pandemic outbreak. As per the New York Times, there are more than 81,000 cases in the US that makes it above China as far as the virus infections are concerned. Also weighing on the greenback could be the surge in Jobless Claims to over 3.0 million.

XAG/USD

Overview
Today last price	14.58
Today Daily Change	0.16
Today Daily Change %	1.11
Today daily open	14.42

Trends
Daily SMA20	15.12
Daily SMA50	16.79
Daily SMA100	17.06
Daily SMA200	17.07

Levels
Previous Daily High	14.69
Previous Daily Low	14.16
Previous Weekly High	15.29
Previous Weekly Low	11.64
Previous Monthly High	18.95
Previous Monthly Low	16.4
Daily Fibonacci 38.2%	14.36
Daily Fibonacci 61.8%	14.49
Daily Pivot Point S1	14.16
Daily Pivot Point S2	13.89
Daily Pivot Point S3	13.62
Daily Pivot Point R1	14.69
Daily Pivot Point R2	14.96
Daily Pivot Point R3	15.23

Author

FXStreet Team

FXStreet

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