Gold bounces off lows, still weaker below $1300 mark


   •  Fading safe-haven demand prompts some long-unwinding trade for the second-straight session.
   •  Weaker US bond yields/subdued USD price action extend support and help limit deeper losses.
   •  Market participants now eye US economic data in order to grab short-term trading opportunities.

Gold prices edged lower for the second consecutive session on Wednesday and extended the overnight pullback from near one-month tops.

As global stocks recovered from escalating US-China trade tensions-led slump at the start of this week, the precious metal held below the key $1300 psychological mark amid receding demand for traditional safe-haven status.

Risk sentiment got an additional boost following the US President Donald Trump's reassuring comments on Tuesday, which revived hopes that a trade deal between the world's two largest economies was still possible.

Meanwhile, improving risk sentiment did little to assist the US Treasury bond yields to build on the overnight rebound from multi-week lows and extended some support to the non-yielding yellow metal. 

This coupled with a subdued US Dollar price action further underpinned demand for the dollar-denominated commodity and collaborated towards limiting deeper losses, at least for the time being.

Moving ahead, market participants now look forward to Wednesday's US economic docket - highlighting the release of monthly retail sales data, for some fresh impetus and in order to grab short-term trading opportunities.

Technical levels to watch

XAU/USD

Overview
Today last price 1295.97
Today Daily Change -2.15
Today Daily Change % -0.17
Today daily open 1298.12
 
Trends
Daily SMA20 1280.99
Daily SMA50 1291.68
Daily SMA100 1296.41
Daily SMA200 1256.52
Levels
Previous Daily High 1311.8
Previous Daily Low 1293.8
Previous Weekly High 1291.45
Previous Weekly Low 1275.1
Previous Monthly High 1310.7
Previous Monthly Low 1265.6
Daily Fibonacci 38.2% 1300.68
Daily Fibonacci 61.8% 1304.92
Daily Pivot Point S1 1290.68
Daily Pivot Point S2 1283.24
Daily Pivot Point S3 1272.68
Daily Pivot Point R1 1308.68
Daily Pivot Point R2 1319.24
Daily Pivot Point R3 1326.68

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Editors’ Picks

EUR/USD extends gains to 1.1200 on sliding US yields, weak data

EUR/USD is trading close to 1.1200, in the wake of the European session as US yields continue falling. The European Parliament elections are in play. US durable goods fell short of expectations with -2.1%. 

EUR/USD News

GBP/USD off the highs as May announces stepping down on June 7th

GBP/USD is trading below 1.2700 after a quick rise to the upside as UK PM Theresa May announced she will step down on June 7th with Boris Johnson set to take over.

GBP/USD News

USD/JPY extends slide and looks for a test of May’s low

The USD/JPY pair dropped further ahead of the London fix on the back of a decline of the US Dollar across the board and a pullback in equity prices. 

USD/JPY News

The market may surprise on the upside in the next few hours with BTC/USD topping $8,250

We reach the end of a week can be characterized as a week of transition. After the strongly bullish days of the beginning of the month, cryptos have reached critical levels of resistance...

Read more

Gold: Bullish flag pattern spotted on 1-hourly chart

The lower end of the descending trend-channel coincides with 200-hour EMA support and should act as a key pivotal point for intraday traders. 

Gold News

Editors' pick

EUR/USD extends gains to 1.1200 on sliding US yields, weak data

EUR/USD is trading close to 1.1200, in the wake of the European session as US yields continue falling. The European Parliament elections are in play. US durable goods fell short of expectations with -2.1%. 

EUR/USD News

GBP/USD off the highs as May announces stepping down on June 7th

GBP/USD is trading below 1.2700 after a quick rise to the upside as UK PM Theresa May announced she will step down on June 7th with Boris Johnson set to take over.

GBP/USD News

USD/JPY extends slide and looks for a test of May’s low

The USD/JPY pair dropped further ahead of the London fix on the back of a decline of the US Dollar across the board and a pullback in equity prices. 

USD/JPY News

The market may surprise on the upside in the next few hours with BTC/USD topping $8,250

We reach the end of a week can be characterized as a week of transition. After the strongly bullish days of the beginning of the month, cryptos have reached critical levels of resistance...

Read more

Gold: Bullish flag pattern spotted on 1-hourly chart

The lower end of the descending trend-channel coincides with 200-hour EMA support and should act as a key pivotal point for intraday traders. 

Gold News

eur/gbp

central banks

eur/usd

gbp/usd

usd/jpy

aud/usd

Signatures

bitcoin

ethereum

ripple


  •  
  •  
  •  
  •  
  •