Gold Price News and Forecast: XAU/USD loses bullish momentum ahead of next week's key events

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD stays pressured below $1,850 amid risk-on mood

Gold drops to $1,837.50, down 0.12% intraday, during Monday’s Asian trading. In doing so, the yellow metal keeps the downside momentum portrayed at the week’s start while following the risk-positive headlines. However, bears are also cautious amid the coronavirus (COVID-19) woes and a lack of clarity over the key issues.

XAU/USD

Overview
Today last price	1835.93
Today Daily Change	-3.41
Today Daily Change %	-0.19
Today daily open	1839.34

Trends
Daily SMA20	1838.62
Daily SMA50	1874.97
Daily SMA100	1910.26
Daily SMA200	1809.34

Levels
Previous Daily High	1847.78
Previous Daily Low	1824.16
Previous Weekly High	1875.34
Previous Weekly Low	1822.22
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1838.76
Daily Fibonacci 61.8%	1833.18
Daily Pivot Point S1	1826.41
Daily Pivot Point S2	1813.47
Daily Pivot Point S3	1802.79
Daily Pivot Point R1	1850.03
Daily Pivot Point R2	1860.71
Daily Pivot Point R3	1873.65

Gold Weekly Forecast: XAU/USD loses bullish momentum ahead of next week's key events

The XAU/USD pair built on previous week’s gains and touched its highest level in two weeks at $1,875.79 on Tuesday. In addition to the technical buying pressure that gathered momentum after the pair closed above the 20- day SMA back in early December, the USD’s poor performance fueled the rally. However, XAU/USD lost its traction in the second half of the week and erased the majority of its weekly gains before settling below $1,850.

Read more ...

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD falls toward 1.1700 on broad USD recovery

EUR/USD turns south and declines toward 1.1700 on Wednesday. The US Dollar gathers recovery momentum and forces the pair to stay on the back foor, as traders look to USD short-covering ahead of US inflation report on Thursday. However, the downside could be capped by hawkish ECB expectations.

GBP/USD trades deep in red below 1.3350 after soft UK inflation data

GBP/USD stays under strong selling pressure midweek and trades below 1.3350. The UK annual headline and core CPI rose by 3.2% each, missing estimates of 3.5% and 3.4%, respectively, reaffirming dovish BoE expectations and smashing the Pound Sterling across the board ahead of Thurday's BoE policy announcements.

Gold clings to moderate daily gains above $4,300

Following Tuesday's volatile action, Gold regains its traction on Wednesday and trades in positive territory above $4,300. While the buildup in the USD recovery momentum caps XAU/USD's upside, the cautious market stance helps the pair hold its ground.