Gold: bullish forecasts

Gold: bullish forecasts

2020-12-02 • Updated

XAU/USD is eyeing $1 850. Will it be able to reach it?

What happened?

Stimulus talks have resumed in the USA. US lawmakers proposed to unveil an aid of $908 billion. The combination of US stimulus hopes and negative real yields pushed the USD down and gold up. Elsewhere, Fed’s Powell held a meeting yesterday and gave quite dark comments about the current economic state. According to him, the recovery path is still uncertain, and the US economic activity is severely damaged. The widespread vaccinations are going to start soon if vaccines pass approval. However, the economy won’t quickly recover after it happens, it will need more time to rebound, and we will see some downbeat data for a while.

Technical tips

Gold has turned to the upside after touching the support of $1 770. It has broken through the 50-period moving average, so the way up to the 38.2% Fibonacci retracement level of $1 840 is clear now. It may meet some selling pressure near this level. However, if it manages to break through it, the way up to the 50% Fibo level of $1 865 will be clear. In the opposite scenario, if it drops below the intraday low of $1 810, it may fall to the key support of $1 800.

XAUUSDH4.png

TRADE NOW

Similar

What will move the market on September 6-10?
What will move the market on September 6-10?

Last Friday’s NFP was disappointing. The reaction of the markets was astonishing. Will it last longer? Let's find out the main trade opportunities for the upcoming week.

USD Declines on Powell Remarks
USD Declines on Powell Remarks

After multiple hawkish remarks over the past few days from non-voters members, the Federal Reserve chairman Powell surprised the markets with some dovish remarks…

S&P in the Сrosshairs
S&P in the Сrosshairs

Institutional investors speak about further growth in the stock market. In the exact market that has doubled since COVID-19 and doesn’t plan to stop. Is it possible?

Latest news

What To Trade On May 23 - 27?
What To Trade On May 23 - 27?

Last week blew traders' minds!  The US dollar dropped for the first time in seven weeks after Jerome Powell's speech on Tuesday…

Can a recession be avoided? 
Can a recession be avoided? 

The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession. 

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera