Spot gold probes again below $1500 level on Thursday, weighed by softer than expected tone from Fed, as US central bank, in minutes of July meeting, signaled that needs more evidence in order to determine future action regarding monetary policy. Gold price advanced nearly 17% in past four months as fears of global slowdown and threats of US/China trade war escalation, prompted investors into safe-havens. Easing from new over six-years high at $1534, is seen as corrective action of larger advance that is to provide better opportunities to re-enter bullish market. There is a plenty of space towards key supports at $1478/76 (rising 20DMA/Fibo 38.2% of $1381/$1534 upleg) which are expected to contain pullback and keep larger bulls intact. Weakening momentum and formation of 5/10DMA bear-cross on daily chart, keep near-term action under pressure for further easing. All eyes are on Friday's speech of Fed's Powell, who is expected to provide more information about US monetary policy outlook, as market anticipate another rate cut in September, but FOMC Wednesday's minutes showed that the central bank is unlikely to adopt more aggressive rate cut approach for now.

Res: 1500; 1504; 1506; 1512
Sup: 1493; 1487; 1478; 1476



Interested in Gold technicals? Check out the key levels

    1. R3 1519.52
    2. R2 1513.73
    3. R1 1508.24
  1. PP 1502.46
    1. S1 1496.97
    2. S2 1491.18
    3. S3 1485.69


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: bears pressuring, 1.0980 critical support

Risk aversion took over the FX board on Friday, weighing on high-yielding assets. The EUR/USD pair, finished the week just a handful of pips above the 1.1000 figure amid mounting tensions between the US and China.


GBP/USD: at risk of losing more ground in the short-term

The GBP/USD pair advanced up to 1.2581, it highest in over two months, but was unable to sustain gains, ending the week around 1.2470. Cable could keep losing ground on a break below 1.2460, the immediate support.


USD/JPY: at a bring of breaking lower

Fresh risk-off flows resulted in the USD/JPY pair trimming weekly gains on Friday, ending the week at 107.55. The pair barely holding above a critical Fibonacci support at 107.45. Japan’s National inflation steady at lows in August.


Top 3 price prediction Bitcoin, Ripple, Ethereum: Ethereum points to the Moon as Bitcoin takes a break

ETH/USD exceeds $220 and is bidding to lead the market. Bitcoin sets a bear trap and recaptures $10,000. XRP stalls between technical levels and fails to consolidate $0.30.

Read more

Gold climbs further beyond $1500 mark, lacks follow-through

Gold edged higher for the second consecutive session on Friday, albeit remained well within a familiar trading range held over the past two weeks or so.

Gold News

Forex Majors