Gold Price News and Forecast: XAU/USD - The bulls are beginning to strengthen [Video]

Gold bulls look exhausted near 2-week peak in very short-term [Video]

Currently, in the near term, the price is losing some momentum confirmed by the technical indicators as the RSI is flattening near the 70 level, suggesting an overbought market. Also, the stochastic oscillator is turning lower as it posted a bearish crossover within its %K and %D lines above the 80 level, signaling a possible downside reversal as well. However, the market trend is holding far above its moving averages and the Ichimoku cloud. Read more...

Gold: The bulls are beginning to strengthen [Video]

The gold bulls have been straining to break higher in the past week. The fact that this has come as the US dollar has been a strong performer across the major currencies, should give the bulls some confidence coming into this week. Friday’s second successive positive candle pulled the market clear of resistance at $1578 and is now beginning to build some traction. Supported by the support of a nine week uptrend (today at $1568) the bulls are beginning to strengthen. Read more...

Gold rebounds modestly, trades above $1,580

The troy ounce of the precious metal rose nearly $15 last week as investors continued to react to headlines surrounding the coronavirus outbreak. With the new week kicking off in a calm manner, the XAU/USD pair is consolidating last week's gains. The pair, which dropped a session low of $1,578.90, was trading at $1,581.40, down 0.2% on the day.

China voices commitment to battle coronavirus

In an editorial piece written for China's Communist Party's magazine, China's Finance Minister Liu Kun said that they are planning to cut taxes with an aim to provide companies more funds to eliminate the negative impact of the coronavirus outbreak on the economic activity. Read more...