Gold Price News and Forecast: XAU/USD turns lower for the day

FXStreet Team FXStreet

Gold Price Trend Forecast 2020 - Part1

The gold bull market ended 2019 with a strong gain of 19%. The first half the year was marked with uncertainty as the price after an early year surge to $1350 gave up all of it's gains to drift lower to trade down on the year by early May. However, this was the calm before the bull market storm and that set the stage for a powerful bull run starting early June that saw the Gold price rocket higher to a early September peak of $1566, up over 25% on the year! Igniting Gold bug fever and encouraging prominent gold bugs to get carried away with headlines of Gold heading for $5000 and beyond. Read more...

Gold turns lower for the day, remains confined in a range above $1550 level

Gold failed to capitalize on the early uptick to the $1564 area and has now drifted into the negative territory, albeit remained well within this week's broader trading range.

Following the overnight modest intraday rebound from the $1550 region, fears over the outbreak of coronavirus in China continued weighing on the risk sentiment and provided a minor lift to the precious metal's perceived safe-haven status. Read more...

XAU/USD

Overview
Today last price	1554.46
Today Daily Change	-4.32
Today Daily Change %	-0.28
Today daily open	1558.78

Trends
Daily SMA20	1544.99
Daily SMA50	1500.78
Daily SMA100	1497.64
Daily SMA200	1441.49

Levels
Previous Daily High	1559.75
Previous Daily Low	1550.4
Previous Weekly High	1562
Previous Weekly Low	1536.35
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1556.18
Daily Fibonacci 61.8%	1553.97
Daily Pivot Point S1	1552.87
Daily Pivot Point S2	1546.96
Daily Pivot Point S3	1543.52
Daily Pivot Point R1	1562.22
Daily Pivot Point R2	1565.66
Daily Pivot Point R3	1571.57

Author

FXStreet Team

FXStreet

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.