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Gold Price Outlook: XAU/USD Continues to Struggle with Conflicting Forces

Gold Price Outlook: XAU/USD Continues to Struggle with Conflicting Forces

2020-02-11 11:30:00
Nick Cawley, Strategist

Gold (XAU/USD) Price, News, Analysis and Chart:

  • Gold upside crimped by ongoing US dollar strength.
  • Coronavirus death toll now exceeds 1,000.

Gold (XAU/USD) Price Sentiment Held in Check for Now

An important week for gold traders with a raft of US Federal Reserve on deck, including Fed Chair Jerome Powell’s appearance before the House Financial Services Panel later today. Powell is expected to give an update on the current health of the US economy but is unlikely to deviate from his current monetary policy course, despite fears that growth in the US economy is slowing down. Last week’s robust jobs data – NFP and ADP – will give Powell some ammunition against those Fed members who would like to interest rates cut further. While the US dollar remains strong, gold will struggle to push appreciably higher.

For all market moving data and events, see the DailyFX Calendar

The latest official figures from China show that over 1,000 people have now died from the coronavirus with in excess of 42,500 confirmed cases on the mainland. The flu-like virus has spread to over 20 countries.

Map of the spread of coronavirus

While the coronavirus remains a major threat to life, gold will stay bid as investors pare back on risk. The flu-like virus is expected to impact global supply chains, knocking growth outlooks across the globe lower. If the spread of the virus continues, central banks around the world will have to look at loosening monetary policy, or boosting fiscal stimulus, to keep their economies growing. This, and the fact that gold is a traditional risk-off asset will continue to underpin gold in the weeks ahead.

Gold will continue to find short-term resistance just below $1,590/0z. and remains underpinned by a cluster of old highs and lows around $1,557/oz. Gold currently trades either side of the 20-day moving average and this will likely guide short-term price action.

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Gold Daily Price Chart (February 2019 – February 11, 2020)

price of gold
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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 via Twitter @nickcawley1.

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