Gold Price News and Forecast: XAU/USD survives test of $1800 for now, eyes test of 200DMA at $1796


Gold Price Analysis: XAU/USD consolidates above $1,800, risk-on favors bears near four-month low

Gold bears catch a breather around $1,807/08 amid the early Wednesday morning in Asia. The yellow metal dropped to the lowest since July 20 the previous day but refrained from breaking the $1,800 round-figure.

The hopes of the US stimulus and recovery from the coronavirus (COVID-19) keep the gold bears hopeful. Even so, the metal’s latest U-turn may have respected the cautious mood ahead of 200-day SMA amid oversold RSI conditions on the daily chart.

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XAU/USD

Overview
Today last price 1808.23
Today Daily Change -27.89
Today Daily Change % -1.52
Today daily open 1836.12
 
Trends
Daily SMA20 1886.06
Daily SMA50 1897.46
Daily SMA100 1910.27
Daily SMA200 1795.22
 
Levels
Previous Daily High 1876.14
Previous Daily Low 1831.01
Previous Weekly High 1899.14
Previous Weekly Low 1852.8
Previous Monthly High 1933.3
Previous Monthly Low 1860
Daily Fibonacci 38.2% 1848.25
Daily Fibonacci 61.8% 1858.9
Daily Pivot Point S1 1819.37
Daily Pivot Point S2 1802.63
Daily Pivot Point S3 1774.24
Daily Pivot Point R1 1864.5
Daily Pivot Point R2 1892.89
Daily Pivot Point R3 1909.63

 

Gold Price Analysis: Gold survives test of $1800 for now, eyes test of 200DMA at $1796

Spot gold (XAU/USD) seems to have survived a test of the psychological $1800 level for now, with buyers coming in ahead of the November 2011 and October 2012 highs (at $1803 and $1796 levels respectively). Gold prices have traded within a thin $1802-$1807 range over the past few hours, as gold market participants catch their breath ahead of the next move. As things stand, the precious metal trades lower by over $30 on the day or down 1.8%.

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