GOLD

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

XAUUSD

 

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 turns below 1.10 as market mood eases

EUR/USD has dropped below 1.10 as the market mood improves. Earlier, it hit three-week highs as the stock market crash and rush into bonds is raising the chances of the US Fed cutting rates. Further coronavirus headlines are awaited.

EUR/USD News

GBP/USD hits new 2020 low amid Brexit rhetoric, coronavirus headlines

GBP/USD has dipped below 1.2850, hitting a new 2020 low as concerns about a no-trade-deal Brexit are weighing on the pound. Coronavirus-linked USD weakness is minimal in this pair.

GBP/USD News

Crypto summer will be back in the next spring

The attention of the financial world is right now on the equity segment. The force with which prices are moving down is extraordinary, with terrifying technical details such as a close below 3000 points on the S&P 500… 100 points down!

Read more

WTI remains under pressure around $45.00

Nothing new around crude oil prices, with rising concerns on the Chinese COVID-19 and its potential impact on the economy and the demand for the commodity keeping traders’ sentiment well depressed.

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures