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13 Mar 2020

Gold Price Analysis: XAU/USD hammered down, trades in 10-week’s lows, nearing $1500/oz

XAU/USD is on track to record its worst weekly decline since September 2011.
Further weakness could be expected in the medium term.

XAU/USD weekly chart

Gold is trading in a bull trend above the main SMAs. However, this week the market is on track to record its worst weekly decline since September 2011, erasing 10 weeks of gains in only 5 trading days.

XAU/USD daily chart

XAU/USD slashed through the 1548/1557 support zone as it is challenging the 100 SMA on the daily chart. As bears took the market by surprise, gold can potentially extend losses towards the 1500 level near the 200 SMA with the possibility to fall further towards the 1480 and 1440 levels. Resistance can be expected near 1530 and in the 1548/1557 price zone.

Resistance: 1530, 1548, 1557

Support: 1500, 1480, 1440

Additional key levels

Mar 13, 2020

Saudi Arabia floods markets with $25 oil amid price war with Russia

Reuters quoted five trading sources said on Friday, saying that Saudi Arabia is flooding markets with oil at prices as low as $25 per barrel. The Saud

Watch Live: President Donald Trump addresses the nation on coronavirus

President Donald Trump addresses the nation on coronavirus after a turbulent week in markets.