Gold (XAUUSD) Forecast, Page 1

Gold prices rebound but volatility remains

The gold markets have fallen a bit during the trading session on Wednesday to reach down below the 50 day EMA. By doing that, it looks as if the market is trying to find some type of footing. However, there are so many different moving pieces at the moment it’s

The gold futures lost 2.84% on Tuesday, as it broke below its short-term consolidation. The market has retraced more of last week’s Monday’s – Tuesday’s rally and it got slightly below $1,600 mark again.

Silver stays at key support level despite stronger U.S. dollar and weaker stocks.

Limiting physical gold’s supply, three of the world’s largest gold refineries said they had suspended production in Switzerland for at least a week after local authorities ordered the closure of non-essential industry.

It’s 2008 all over again, only much worse. And just like back then, PMs are likely to slide very fast, very far and then recover in a big way. A lot of money is likely to be made by those, who are positioned correctly.

The Global economy is experiencing unprecedented disruptions, and while the full effects of these disruptions are not yet evident, it is clear that the economy is experiencing the most abrupt and severe contraction since the Great Depression.

Gold prices moved lower for a 3rd consecutive trading session slipping at the dollar moved higher. Prices dropped from its bull pennant pattern but were able to hold just above short-term support. US yields moved lower across the interest rate curve, which did not impact the rally in the greenback.

Gold markets fell during the trading session on Tuesday, only to find the $1600 level underneath as support. By bouncing the way, we have, the market looks as if it is ready to try to continue to go to the upside.

Based on the early price action and the current price at $1626.90, the direction of the June Comex gold futures market the rest of the session on Tuesday is likely to be determined by trader reaction to the Fibonacci level at $1610.50.

Silver tries to stay above the key level despite the risk-off mode in many asset classes.

The gold futures contract lost 0.66% on Monday, as it continued to fluctuate following last week’s Monday’s – Tuesday’s rally. The market reacted to the previous Sunday’s Fed unlimited Quantitative Easing announcement.

The first quarter of 2020 was marred by unpredicted events that rattled the financial markets: Tensions between US and Iran, The extreme weather conditions across the globe as a result of climate change, The novel coronavirus and an oil price war between Saudi Arabia, the oil kingdom, and Russia.

A rising U.S. Dollar could weigh on gold prices today, encouraging profit-taking and allowing the market to regroup at lower price levels. Our work suggests that we could see a pullback to $1580.40 before buyers return.

It has been an historic and volatile trading quarter defined by the novel coronavirus outbreak, with unprecedented central bank intervention, government action, global recession fears and severely depressed oil prices among many themes.

On Thursday, the initial jobless claims rocketed to almost 3.3 million. Quite an unimaginable number. What does it imply for the US economy and the gold market?

Investors are busily assessing progress on containing the virus and the torrent of stimulus all amid the prospects of buying an economic trajectory that is poised to drop sharply in 2Q20.

unemployment is poised to surge

Gold markets have pulled back initially during the trading session on Monday but have turned around to show signs of life again. Ultimately, we are essentially “killing time” at this point.

Stronger U.S. dollar puts pressure on silver but silver bulls try to defend the key support level.