Spot gold fell $10 in European trading on Thursday on fresh risk mode, sparked by optimistic news regarding US/China trade talks.
Fresh weakness erased Wednesday’s recovery and pressures again daily cloud base ($1478), cracked on Tuesday’s 1.7% fall.
Renewed demand for riskier assets soured gold’s near-term sentiment, as bearish daily studies maintain pressure and Tuesday’s long bearish daily candle weighs.
Break below daily cloud would generate stronger bearish signal for extension of bear-leg from $1515 (1 Nov high) but traders look for further clarification of development in trade talks, following optimistic comments released this morning, to have clearer direction signal.
Converged 20/30 DMA’s (1494) mark solid resistance which should keep the upside protected and maintain bearish bias.
Only sustained break above $1500 pivot would neutralize bears and shift focus higher.

Res: 1489; 1494; 1497; 1500
Sup: 1481; 1479; 1476; 1473



Interested in XAU/USD technicals? Check out the key levels

    1. R3 1507.24
    2. R2 1500.64
    3. R1 1495.9
  1. PP 1489.3
    1. S1 1484.55
    2. S2 1477.95
    3. S3 1473.21


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

GBP/USD soars past 1.2900 as Farage gives additional boost to Conservatives

GBP/USD has leaped above 1.29, the highest since early November, as the Brexit Party has failed to field candidates in 43 additional seats, facilitating a victory for PM Boris Johnson.


EUR/USD advances 1.10 amid upbeat trade headlines, after mixed US retail sales

EUR/USD is trading closer to 1.1050, up on the day. US Commerce Secretary Ross has expressed optimism about reaching a deal with China. The Retail Sales Control Group met expectations with 0.3%.


USD/JPY clings to gains near session tops, around 108.70 post-US data

The USD/JPY pair maintained its strong bid tone near session tops and had a rather muted reaction to the mixed US economic data.


US Dollar Index challenges weekly lows near 98.00

The US Dollar Index (DXY), which gauges the buck vs. a bundle of its main rivals, is now accelerating the downside and threatens to test the key support at 98.00 the figure.

US Dollar Index News

Trump Impeachment: Markets will not like any replacement

The public phase of the impeachment hearings against President Donald Trump has kicked off, with the US public and parties divided more than ever. How does it affect markets?

Read more

Forex Majors