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Gold Price Analysis - XAU/USD Painting an Increasingly Positive Picture

Gold Price Analysis - XAU/USD Painting an Increasingly Positive Picture

Nick Cawley, Strategist

Gold Price (XAU/USD), News and Chart

  • Last Friday’s blow-off candle being slowly retraced.
  • Lower interest rates will boost gold’s appeal.

Gold Recovering After Last Week’s Capitulation

Gold continues to claw back last Friday’s sharp sell-off with both the technical and fundamental background looking increasingly positive. Last week’s equity market meltdown will continue to dominate investors thinking and risk-averse assets will remain in demand in the short- to medium-term. The unchecked spread of coronavirus remains the financial market’s number one driver, while political unrest in the Middle East and Turkey/Greece adds to gold’s risk-off appeal. In addition, the G7 meet today – 12:00 GMT – and will announce their response to the ongoing coronavirus threat and its impact on global growth. Talk continues to swirl that there may be a coordinated rate cut to help boost global GDP, an action that would boost the value of gold even further. US interest rates and the price of gold have a negative correlation.

The technical outlook for gold remains positive with the precious metal making another higher low on the daily chart. While Friday’s sell-off saw the gold price dip below the recent uptrend, it did not close below it. Price action since then has been to the upside, with the 50-dma adding support. A break above $1,608/oz. opens the way to $1,611.5/oz. before the $1,648/oz. - $1,650/oz. zone comes back into focus. The CCI indicator is relatively neutral, while the ATR indicator shows volatility at a multi-year high.

Gold Daily Price Chart (August 2019 – March 3, 2020)

the price of gold recovering after heavy sell-off.

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.