Gold Price News and Forecast: XAU/USD prints 5-week low, bearish engulfing candle on weekly

Gold Price News and Forecast: XAU/USD prints 5-week low, bearish engulfing candle on weekly

Gold Price Analysis: Prints 5-week low, bearish engulfing candle on weekly

Gold prints lowest level since Feb. 5, having dropped for a third straight day on Thursday. The weekly candle has neutralized the broader bullish outlook. A minor corrective bounce may be seen as intraday charts are reporting bullish divergences.

With a drop from $1,704 to $1,551, the yellow metal has engulfed the price action seen in the previous four weeks. The big bearish engulfing candle suggests the rally from the August 2018 low of $1,1160 has run out of steam. The metal could consolidate with a negative bias in the short-term. 

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Global Pandemic Is On and Stock Bears Roar. Will Gold Make a Move?

On Wednesday, WHO declared the current outbreak of COVID-19 as a global pandemic, while the US stock market entered a bear market as it had fallen over 20% from its peak. What’s next in store for the yellow metal?

It’s Global Pandemic Now. We are now officially in the pandemic stage! Although I have long written about the COVID-19 as a pandemic, not an epidemic, the WHO has finally admitted that situation is much worse. As WHO Director-General, Dr. Tedros Adhanom Ghebreyesus said yesterday:

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Source: FxStreet

 

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