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Gold Price Testing Support as US Dollar Strength Trumps Coronavirus Fears For Now

Gold Price Testing Support as US Dollar Strength Trumps Coronavirus Fears For Now

Nick Cawley, Strategist

Gold Price, News, Analysis and Chart

  • Gold consolidating near short-term support zone.
  • Chinese coronavirus death toll now exceeds 420.

Gold (XAU/USD) Nudges Off its Recent Highs but Chinese Virus Fears Remain

Gold has moved lower this week after printing a short-term high of $1,592/oz. over the weekend session and currently traded around $1,568/oz. as renewed US dollar strength dampens the recent rally. The greenback’s rally has been helped by recent better-than-expected US data releases and is now within striking distance of levels last seen two months ago. The US dollar basket (DXY) positive outlook is now supported by all three moving averages in the short-term, and this evening’s US State of the Nation speech and Friday’s US Labor Report (NFPs) will be key for the greenback’s short-term direction.

The Chinese coronavirus outbreak shows no sign of abating with over 20,000 confirmed cases of the flu in and 420 fatalities reported in China. China’s leader Xi Jinping overnight said that the outbreak had shown up deficiencies and shortfalls in the country’s handling of the crisis and said that the country must improve its ability ‘in handling urgent and dangerous tasks’.

With the coronavirus expected to dominate headlines in the short-term, any weakening of the US dollar could see gold push higher again and test the January 11 near seven-year high above $1,611.5/oz. Gold is currently trading on the 20-day moving average and there are various supportive price points and a cluster of recent trades down to $1,546/oz. The last two days ranges have broken the series of short-term higher lows and need to be watched for further evidence of current market sentiment.

Gold Daily Price Chart (May 2019 – February 4, 2020)

gold price showing effect of us dollar and coronavirus

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 – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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