Spot gold bounced from new five-week low, posted after 1.5% fall previous day, but recovery was so far limited and stalled at $1472, maintaining firm bearish tone.
The yellow metal was hurt by fresh optimism as US and China came close to get the first phase of their trade deal done, that boosted risk appetite.
Thursday's fall came tick away from key support at $1459 (1 Oct low), loss of which would signal an end of $1459/$1519 consolidative phase and risk further weakness.
Break of $1459 pivot would risk test of key Fibo support at $1445 (38.2% of $1266/$1557 bull-leg).
Daily techs are in bearish setup, with gold being on track for the biggest weekly loss in two years that adds to negative outlook.
However, oversold daily stochastic warns that the price may show further hesitation to break lower and hold in extended consolidation.
Broken 100DMA ($1476) and daily cloud base ($1478) is expected to limit upticks and keep bears in play.

Res: 1472; 1476; 1478; 1482
Sup: 1465; 1459; 1453; 1445



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

    1. R3 1517.48
    2. R2 1504.84
    3. R1 1486.41
  1. PP 1473.78
    1. S1 1455.35
    2. S2 1442.71
    3. S3 1424.28

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