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 


Today last price 1490.56
Today Daily Change 9.50
Today Daily Change % 0.64
Today daily open 1481.06
Daily SMA20 1499.64
Daily SMA50 1507.39
Daily SMA100 1448.63
Daily SMA200 1372.57
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.

Feed news

Latest Forex News

Editors’ Picks

Euro rolling into the Asian session near one-month lows

The Fiber, on the daily chart, is trading in a downtrend below its main daily simple moving averages (DMAs). The Fiber was week on the second day of the week. The level to beat for bears is the 1.0995 support level.


GBP/USD: Doji on D1, lower highs setup portray Cable weakness

Not only lower highs since late-October but a bearish candlestick formation also portrays the GBP/USD pair’s weakness as it takes rounds to 1.2855 during the early Asian session on Wednesday.


USD/JPY supported at 10-DMA amid risk-off, eyes US CPI, Powell

USD/JPY bounced-off the10-DMA support near 108.85 and regained the 109 handle, despite the risk-off action in the Asian equities and US equity futures amid trade deal uncertainty. The bulls seem to have found some support from higher US Treasury yields. 


Gold fails to hold on to recovery amid USD strength, trade woes

Although pessimism surrounding the US trade relations with China and the EU, coupled with Hong Kong protests, favored Gold to bounce off multi-month lows on Tue, prices are again under pressure while taking rounds to $1,458 during today’s Asian session.

Gold News

UK inflation report outlook: GBP/USD may stumble on another CPI slide

Headline Consumer Price Index (CPI) has missed expectations in the past two months by standing at 1.7% annual. Economists seem to have adapted their expectations and forecast a further deceleration to 1.6% in October's inflation report. 

Read more