Gold Price News and Forecast: XAU/USD ticks up to $1,860 after testing $1,850 support


Gold Price Analysis: Bulls treading on thin ice at critical support

The price of the yellow metal is trading at $1,866.66 and has travelled between a low of $1,852.79 and a high of $1,874.11. Gold has been under pressure in recent day's, falling from the $1,960s as investment flows to the yellow metal hit their biggest slump since the Covid-19 liquidations, despite a softer US dollar.

The precious metal is cascading to the deflationary forces from lockdowns and a reversal in safe-haven flows from the vaccine announcement, as noted by analysts at TD Securities. 

Record infection numbers have prompted US schools and businesses to close their shutters once again, thwarting the world's largest economy's recovery from the deepest recession since the Great Depression. 

Read more ...

XAU/USD

Overview
Today last price 1863.18
Today Daily Change -3.56
Today Daily Change % -0.19
Today daily open 1866.74
 
Trends
Daily SMA20 1890.76
Daily SMA50 1901.22
Daily SMA100 1908.78
Daily SMA200 1792.47
 
Levels
Previous Daily High 1874.12
Previous Daily Low 1852.8
Previous Weekly High 1965.58
Previous Weekly Low 1850.56
Previous Monthly High 1933.3
Previous Monthly Low 1860
Daily Fibonacci 38.2% 1860.94
Daily Fibonacci 61.8% 1865.98
Daily Pivot Point S1 1854.99
Daily Pivot Point S2 1843.23
Daily Pivot Point S3 1833.67
Daily Pivot Point R1 1876.31
Daily Pivot Point R2 1885.87
Daily Pivot Point R3 1897.63

 

Gold Price Analysis: XAU/USD ticks up to $1,860 after testing $1,850 support

Gold futures have headed south for the fourth consecutive day on Thursday, to test key support at $1,850, which, so far, remains intact as the pair bounced up to $1,860 area.

The unremitting growth of the second COVID-19 wave has returned to the spotlight after the US reported a death toll of 250,000 on Wednesday and New York City decided to close schools to curb the increase of contagions.

This news has offset investors’ optimism about the promising trial results of some coronavirus vaccines, reactivating concerns about the economic consequences of further lockdown measures and dampening the moderate risk appetite seen over the previous days.

Read more ...

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 

EUR/USD News

GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.

GBP/USD News

XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures