Gold bulls get back in the driver's seat seeking a run back the $1500's


  • US Dollar has been under pressure midweek, Gold climbed over 0.6%.
  • Gold prices have come into their own again amidst continued geopolitical angst.

The price of Gold rose 0.60% to $1489 and change having topped out at $1491.80, rising from a low of $1477.20 on the day as investors continued to monitor global political news surrounding trade and Brexit, and reacted to a weaker-than-expected reading of U.S. retail sales, supporting precious metals. 

The US Dollar has been under pressure midweek, down over 0.30% at the time of writing while testing below the 98 handle for the first time since the middle of last month. A fall in retail sales raised concerns about the momentum in consumption, but the NAHB housing index rebounded to its highest level in 21 months yet the Dollar was under pressure.

Gold bugs will only rejoice should guidance open the door to further cuts

However, Gold prices have come into their own again amidst continued angst over trade wars and various other geopolitical uncertainties, such as Hong Kong, the Middle East and Brexit. The switch in risk sentiment supported Gold for December delivery on Comex to climb $10.50, or 0.7%, to settle at $1,494 an ounce on Wednesday, paring back the majority of the prior day's losses. 

"We still think gold remains attractive, given that the market is still somewhat underpricing the likelihood of an October cut, which suggests that Fed pricing should still remain supportive. That being said, gold bugs will only rejoice should guidance open the door to further cuts, which may just be too big of an ask for this meeting," analysts at TD Securities argued.

Gold levels 

XAU/USD

Overview
Today last price 1490.56
Today Daily Change 9.50
Today Daily Change % 0.64
Today daily open 1481.06
 
Trends
Daily SMA20 1499.64
Daily SMA50 1507.39
Daily SMA100 1448.63
Daily SMA200 1372.57
 
Levels
Previous Daily High 1497.95
Previous Daily Low 1477.29
Previous Weekly High 1516.85
Previous Weekly Low 1474.2
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1485.18
Daily Fibonacci 61.8% 1490.06
Daily Pivot Point S1 1472.92
Daily Pivot Point S2 1464.77
Daily Pivot Point S3 1452.26
Daily Pivot Point R1 1493.58
Daily Pivot Point R2 1506.09
Daily Pivot Point R3 1514.24

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.

EUR/USD News

GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.

GBP/USD News

Gold sees weekly closing below $1700 - a caution for bulls

The steady decline in Gold prices (futures on Comex) accelerated on Friday, as the rates closed the week below the 1700 mark for the first time in three weeks at 1688.35. A weekly closing below the key 1700 level is unlikely to bode well for the bulls.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures