ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for smarter Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.

Gold Price Analysis — January 30

Share On Facebook
share on Linkedin
Print

Gold (XAU/USD) maintained its bearish tone through the early European session on Wednesday and was last spotted trading around the $1845 area. The bearish momentum was solely sponsored by a goodish uptick in the US dollar, which tends to undermine demand for the dollar-denominated commodity.

©

Gold Price Analysis — January 30

The greenback saw a fresh influx of demand amid doubts over the timing and size of the newly proposed US stimulus bill. That said, the prevalent cautious mood surrounding the equity markets has capped further declines for the precious metal in the meantime.

Market mood is currently being suppressed by the growing worries over an economic fallout from the COVID-19 pandemic and the escalating US-China tensions in the South China Sea.

Meanwhile, the lower risk appetite bolstered a softer tone around the US Treasury bond yields, which extended additional support to the non-yielding metal. Also, market participants appear to be avoiding placing aggressive bets ahead of the FOMC monetary policy decision scheduled for release later today. This event, coupled with the release of US Durable Goods Orders data and developments surrounding the coronavirus pandemic, will be looked upon for market clues today.

This makes it advisable to wait for a sustained move to the downside before placing aggressive bets.

XAUUSD – Hourly Chart

Gold (XAU) Value Forecast — January 30

XAU/USD Major Bias:Sideways

Supply Levels:$1860, $1875, and $1890

Demand Levels:$1838, $1827, and $1818

Gold has traded on a directionless bias over the past few days, following several failed attempts to reclaim dominance above the $1875 pivot area. However, the safe-haven asset has also fought against a sustained descent below the $1838 support, putting it in a consolidated range.

Depending on the outcome of the FOMC meeting later today, gold could finally breach the $1838 support and head towards lower support levels.

 

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com