Gold Price Forecast: XAU/USD retreats from 50-SMA to pare Fed, China-linked gains – by anilpanchal7 Gold XAUUSD Fed Commodities Coronavirus
The commodity’s latest pullback could be linked to the consolidation ahead of the European session openings, after witnessing a sluggish Thursday due to the Thanksgiving holiday. Also likely to test theHowever, receding fears of the US Federal Reserve’s aggressive rate hikes, especially after the previous day’s Federal Open Market Committee Meeting Minutes, keep the gold buyers hopeful.
remains pressured towards the monthly low near 105.35, around the weekly low of 105.63 by the press time.and holiday mood in the US could challenge the gold traders but the buyers are likely to keep the reins.Although 50-SMA challenges the immediate upside of the Gold price near $1,758, a clear upside break of the one-week-old descending trend line joins bullish MACD signals to keep the buyers hopeful. Also suggesting the XAU/USD’s further advances is the previous day’s U-turn from the 100-SMA.
Following that, the 50% and 61.8% Fibonacci retracement levels of the metal’s November 03-15 upside, respectively near $1,700 and $1,680, could challenge the Gold bears.
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