Gold Price News and Forecast: XAU/USD to rally towards $2300 in 2021

Gold Price Analysis: XAU/USD survives above $1,800, still in danger – Confluence Detector

Gold has been ablle to hold onto $1,800, showing its resilience in weathering immense selling pressure. The precious metal has come under pressure amid a risk-on mood favoring stocks. Markets have now taken a breather, allowing the XAU/USD to bounce to higher ground.

However, gold is still not out of the woods as the charts are pointing to further downside.

The Technical Confluences Indicator is showing that XAU/USD faces some resistance at $1,811, which is the convergence of the Fibonacci 23.6% one-day, the previous 4h and the Simple Moving Average 10-15m. Read more...


Gold to rally towards $2300 in 2021 – CIBC

This year has been a roller coaster for gold, starting the year at the $1550/oz, dipping to a low of $1450/oz in late March on initial pandemic deleveraging and peaking in August at $2050/oz. Yet, undeniable, the overall trend is still up, 15% from the beginning of the year and strategists at CIBC are forecasting an even stronger performance in 2021 to $2300/oz.

Key quotes: "Governments are under pressure to continue pumping money into the system to fend off further balance sheet pressures. We have yet to see the long-term fallout for the stimulus to date and yet more stimulus is expected. The markets have been buoyed by the recent news of a vaccine, with some market participant expecting a return to more conservative fiscal spending by governments and Central Banks in 2021. This may be premature, as economic risk and uncertainty is far from over, given that globally we are in the midst of second wave, and what will be a 15-18 month global slowdown of the world economy will have longer-term effects." Read more...

Gold: Technical setups remain in favor of sellers

Gold (XAU/USD) is holding onto the critical $1800 support so far this Wednesday after tumbling toward this level on Tuesday. The short-term outlook for the yellow metal remains bearish, as depicted by the technical charts on different timeframes. Therefore, XAU/USD risks further falls below the $1798 200-DMA, FXStreet's Dhwani Mehta briefs.

Key quotes: "The yellow metal is set to extend the bearish momentum, in response to the shift in the market's perception towards the riskier assets. Attention turns towards a batch of critical US economic data and FOMC minutes due on the cards later in the day for fresh cues." Read more...


Today last price 1808.14
Today Daily Change 0.63
Today Daily Change % 0.03
Today daily open 1807.51
Daily SMA20 1881.05
Daily SMA50 1894.53
Daily SMA100 1910.39
Daily SMA200 1796.36
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


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 one-month low amid souring market mood

EUR/USD has been extending its falls and dips below 1.21 as US retail sales badly disappointed and the worsening mood is supporting the safe-haven dollar. Markets digest Biden's stimulus plan. US Consumer Sentiment declined to 59.2 points. 


GBP/USD retreats toward 1.36 amid fresh dollar strength

GBP/US has pared its gains and falls toward 1.36 as the dollar gains ground. The UK economy shrank by 2.6% in November, better than estimated. The UK is ramping up its vaccination campaign and PM Johnson is pressured to ease the lockdown. 


Gold extends sideways grind near $1,850

The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849.

Gold news

Forex Today: Markets “sell the fact” on Biden's stimulus, dollar rises, retail sales eyed

Markets are on the back foot after Biden hinted about tax hikes while introducing stimulus. The safe-haven dollar is edging higher despite Powell's pledge to keep monetary policy accommodative. 

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News