Gold Price News and Forecast: XAU/USD struggles above $1,800 amid risk-on mood

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD's daily chart shows temporary uptrend exhaustion

Gold is sidelined around $1,809 per ounce at press time with the daily chart MACD histogram, an indicator used to identify trend changes and trend strength, reporting a bearish divergence.

A bearish divergence occurs when an indicator prints a lower high, contradicting a higher high on price and is reflective of buyer exhaustion. As such, the metal looks vulnerable to price pullback. Moreover, the bearish divergence of the MACD would remain valid as long as prices are held below the recent high of $1,818.

Gold Price Analysis: XAU/USD struggles above $1,800 amid risk-on mood

Gold drops to $1,808.30 during the pre-Tokyo open Asian session on Wednesday. The bullion has so far remained in the positive territory during the week. Though, $1,807 to $1,811 area seems to restrict the quote’s immediate upside moves.

The safe-haven asset recently took clues from the market’s upbeat mood. While Wall Street’s performance offered initial push to the risk-on sentiment, increasing odds of the coronavirus (COVID-19) vaccine helped to extend the optimism. In doing so, the Sino-American tension and surge in the pandemic figures seem to have been ignored.

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XAU/USD

Overview
Today last price	1809.16
Today Daily Change	0.02
Today Daily Change %	0.00
Today daily open	1809.14

Trends
Daily SMA20	1774.64
Daily SMA50	1741.98
Daily SMA100	1691.19
Daily SMA200	1604.02

Levels
Previous Daily High	1810.98
Previous Daily Low	1790.42
Previous Weekly High	1818.17
Previous Weekly Low	1770.16
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1803.13
Daily Fibonacci 61.8%	1798.27
Daily Pivot Point S1	1796.05
Daily Pivot Point S2	1782.95
Daily Pivot Point S3	1775.49
Daily Pivot Point R1	1816.61
Daily Pivot Point R2	1824.07
Daily Pivot Point R3	1837.17

Author

FXStreet Team

FXStreet

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