Gold Price News and Forecast: XAU/USD – The buyers and sellers case for gold


How is gold faring in the middle of risk-on season?

The elephant in the room needs to be addressed, which is the movement in the price of Gold over the past couple of months. It all started back in August where the Yellow Metal recorded an all time high of $2,075 before beginning a steady decline. Several reasons can be attributed to this decline, the first and foremost is the overbought conditions that Gold has been experiencing due to the Coronavirus pandemic and everyone’s flight to safety.

The other and more important reason is that vaccines are finally being made and that means we are one step closer to beating this virus once and for all. This has issued wide spread euphoria in the market as we saw all matter of risky instruments increase in value meaning that Gold is losing in value. Read more...

Gold

The buyers and sellers case for gold

Gold investors will be looking at the FOMC minutes very carefully on Wednesday. Gold traders will want to get a clue on gold’s near term direction. Gold has been sold recently on a firmer dollar and hope of a coronavirus vaccine. The optimism surrounding the Pfizer and BioNTech vaccine resulted in US10 year yields moving higher towards 1.00% around Nov 09. The news also prompted the biggest daily loss in gold futures in around 7 years. Since then there there has been strong outflows in ETF holdings.

A vaccine is on the way. This will precede a return to normality and a return to rising rates. In this view gold can be sold now as the crisis and gold’s long term appeal is over. Or if not over, certainly less appealing right now in the immediacy. Read more...

Gold

Gold Price Analysis: XAU/USD stages a modest recovery from multi-month lows

Gold edged higher during the early European session and was last seen trading near the top end of its daily range, just below the $1815 level.

The precious metal managed to find decent support near the $1800 mark, just ahead of a technically significant 200-day SMA and for now, seems to have stalled its recent downward trajectory. Sustained US dollar selling bias extended some support to the dollar-denominated commodity and prompted some short-covering amid near-term oversold conditions. Read more...

XAU/USD

Overview
Today last price 1808.55
Today Daily Change 1.04
Today Daily Change % 0.06
Today daily open 1807.51
 
Trends
Daily SMA20 1881.05
Daily SMA50 1894.53
Daily SMA100 1910.39
Daily SMA200 1796.36
 
Levels
Previous Daily High 1839.05
Previous Daily Low 1800.41
Previous Weekly High 1899.14
Previous Weekly Low 1852.8
Previous Monthly High 1933.3
Previous Monthly Low 1860
Daily Fibonacci 38.2% 1815.17
Daily Fibonacci 61.8% 1824.29
Daily Pivot Point S1 1792.26
Daily Pivot Point S2 1777.02
Daily Pivot Point S3 1753.62
Daily Pivot Point R1 1830.9
Daily Pivot Point R2 1854.3
Daily Pivot Point R3 1869.54

 

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