Gold aggressive in Asia, trying for more ahead of London, NFP

Gold gains on US Dollar woes.
US Treasury yields remain a threat to Gold gains.

FXStreet Team FXStreet

Gold is up almost three percent in 2018, trading just beneath 1,350.00 today during Tokyo, spurred on by a weaker US Dollar.

The usual relationship between Gold and US bonds seems to have broken down as of late; rising U STreasury yields normally depress Gold prices, but that relationship hasn't manifested itself in 2018, with Gold reticent to spend much time below 1,335.00, implying that Gold's run up the charts since mid-December owes itself entirely to the weakening position of the Greenback.

The USD had a rough year in 2017, falling in global markets as economies around the world improve, and the political situation within the US begins to show strain. 'Gold bugs' should be wary, as a reprieve from the bearish bias against the USD could see Gold prices dragged back down to the 1,300.00 mark, especially if a better-than-expected Non-Farm Payrolls report at 13:30 GMT proves to be an enticing-enough boon for currency markets to price in a little bit of confidence in the American economic picture.

Gold Technical Levels

Gold's high for the day so far is 1,351.10, but this level was rejected early in Tokyo and price looks set to gear up for another run at the level, with swing resistance at 1,347.75; on H4 charts, price could find resistance-turned-support at 1,340.00, with 1,360.00 being the price to break for further moves up in Gold values. Price is toiling with the 50.0% Fibo retracement level as of writing, with the 61.8% level at 1,354.00 just above it.

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FXStreet Team

FXStreet

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