Gold back to the $1290 zone after US data
|- US dollar losses strength after ISM Manufacturing data.
- XAU/USD consolidates significant daily gains, heads for the highest close since mid-June.
Gold dropped to $1,284/oz at the beginning of the US session but rebounded and climbed back to the $1,290 area. It is trading near the monthly highest it reached earlier today on Asian hours at $1,292.
The yellow metal benefited from lower US bond yields on the back of growing worries about the global economic outlook. Today it peaked after a wave of global risk-aversion that pushed the JPY to the upside and the AUD sharply lower.
In the US, equity prices are falling between 1.5% and 2%. The negative tone is not boosting the US dollar in Wall Street. The greenback continues to trim Asian session gains, offering support to gold prices.
Today’s latest economic report from the US came in below expectations adding to concerns about the global economic outlook. The ISM Manufacturing PMI dropped to 54.1 in December from 59.3.
Gold continues to move with a bullish bias, and it is posting the fifth daily gain in-a-row, on its way to the highest close since June.
XAU/USD
Overview:
Today Last Price: 1288.9
Today Daily change %: 0.461%
Today Daily Open: 1282.98
Trends:
Previous Daily SMA20: 1258.21
Previous Daily SMA50: 1236.05
Previous Daily SMA100: 1222.19
Previous Daily SMA200: 1229.22
Levels:
Previous Daily High: 1288.7
Previous Daily Low: 1278.8
Previous Weekly High: 1284.7
Previous Weekly Low: 1258.1
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Previous Daily Fibonacci 38.2%: 1284.92
Previous Daily Fibonacci 61.8%: 1282.58
Previous Daily Pivot Point S1: 1278.29
Previous Daily Pivot Point S2: 1273.59
Previous Daily Pivot Point S3: 1268.39
Previous Daily Pivot Point R1: 1288.19
Previous Daily Pivot Point R2: 1293.4
Previous Daily Pivot Point R3: 1298.09
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