Gold Price News and Forecast: XAU/USD - Fed Says No Hikes In 2020, What About Gold?

Gold: a break below 1454 targets 1450 and 1445

Gold trading in a bull flag formation & topped almost exactly at the selling opportunity at 1488/90.

Silver longs at important support at 1655/50 are working perfectly on the recovery to 1712 but we unexpectedly collapsed back to 1674.

Daily Analysis

Gold crashed from just below 1487 to 1462. Minor resistance at 1471/73 but above here 1475 targets 1478/80, perhaps as far as 1484. Try shorts at 1488/90 with stops above 1492. A break higher (& close above for confirmation) is an important medium term buy signal.

First support at 1463/61 but below 1460 targets 1457/56. A break below 1454 targets 1450 & 1445. Read more...

Fed Says No Hikes In 2020, What About Gold?

The Fed kept the interest rates unchanged in December. The statement was rather hawkish, while the dot-plot rather dovish. What does such a mix imply for the yellow metal?

Fed Keeps Interest Rates Unchanged

Yesterday, the FOMC published the monetary policy statement from its latest meeting that took place on December 10-11th. In line with expectations, the U.S. central bank left the federal funds rate unchanged at 1.50 to 1.75 percent:

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Read more...

Gold climbs to session tops, around $1470 region

Gold managed to reverse an early dip to multi-day lows and is currently placed near session tops, around the $1470 region.

The previous witnessed some follow-through selling during the Asian session on Friday and extended the previous session's sharp intraday reversal from the vicinity of 100-day SMA barrier, or over one-month tops.

A fresh wave of the global risk-on trade, triggered by renewed optimism over a “phase-one” trade deal between the world's two largest economies, weighed heavily on traditional safe-haven assets, including gold. Read more...