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Gold Price Outlook - Slipping Towards Short-Term Support

Gold Price Outlook - Slipping Towards Short-Term Support

Nick Cawley, Strategist

Gold Price Analysis, Charts and Price

  • Gold may find short-term support at $1,540/oz.
  • Medium- to longer-term technical should stem any further sell-off.

What are Safe-Haven Assets and How to Trade Them

Gold Price (XAU/USD) Trending Lower

The daily gold chart shows the precious metal ebbing lower towards the January 3 low of $1,540/oz. as risk assets remain better bid ahead of this Wednesday’s signing of phase one of the US-China trade deal. Gold has fallen nearly 4% from the recent $1,611.5/oz. high print made on January 8, after the US and Iran dialed back on threats of additional military action in the Middle East and may enter a period of sideways price action as gold bulls and bears look to find equilibrium.

The longer-term chart remains positive with gold trading above all three moving averages, while the recent sell-off has seen the precious metal move out of overbought territory using the CCI indicator.

Dollar, Gold Yen: What are the Top Safe-Havens of 2020?

For a full rundown of all market moving economic data and events see the DailyFX Calendar

Gold Daily Price Chart - XAU/USD (May 2019 - January 13, 2020)

Gold in US dollars price chart

Another major driver of gold price action, the US dollar, is struggling to break above its medium-term moving average with the 50-dma capping any rally since the start od December 2019. The dollar basket chart shows an unbroken series of lower highs and lower lows off the October 1 high at 99.228, while both the 20- and 50-dmas have broken below the 200-dma, a bearish technical signal. Further slippage in the US dollar basket may well provide a supportive driver for gold.

US Dollar Basket (March 2019 – January 13, 2020)

US dollar daily price chart

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Gold (XAU/USD) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.