Gold climbs to fresh weekly tops, above $1465 level

US-China trade uncertainty continued benefitting traditional safe-haven assets.
Weaker US bond yields undermined the USD demand and remained supportive.
Investors now look forward to Fedspeaks for some meaningful trading impetus.

Haresh Menghani FXStreet

Gold edged higher through the early European session on Thursday and is currently placed at the top end of its weekly trading range, around the $1466-67 region.

A report of a deadlock in the US-China trade negotiations added to the recent pessimism and continued weighing on investors' sentiment, boosting demand for traditional safe-haven assets. The global flight to safety was seen benefitting the precious metal and driving it higher for the third consecutive session on Thursday.

Focus remains on trade developments

The Wall Street Journal reported on Wednesday that negotiations have "hit a snag" over farm purchases. This comes on the back of the US President Donald Trump's not so optimism trade-related comments recently and further raised doubts over a preliminary trade deal between the world's two largest economies.

Meanwhile, a sharp intraday pullback in the US Treasury bond yields reinforced the prevalent risk-off mood. Falling US bond yields kept the US Dollar bulls on the defensive and provided any additional boost to the dollar-denominated commodity, though the uptick seemed to lack any strong bullish conviction.

Hence, it will be prudent to wait for some strong follow-through buying before confirming that the commodity might have bottomed out in the near term. Market participants now look forward scheduled speeches by influential FOMC member for some meaningful trading opportunities around the non-yielding yellow metal.

Technical levels to watch

XAU/USD

Overview
Today last price	1466.6
Today Daily Change	2.36
Today Daily Change %	0.16
Today daily open	1464.24

Trends
Daily SMA20	1487.36
Daily SMA50	1494.5
Daily SMA100	1478.11
Daily SMA200	1392.63

Levels
Previous Daily High	1467.35
Previous Daily Low	1456
Previous Weekly High	1514.85
Previous Weekly Low	1456.43
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1463.01
Daily Fibonacci 61.8%	1460.34
Daily Pivot Point S1	1457.71
Daily Pivot Point S2	1451.18
Daily Pivot Point S3	1446.36
Daily Pivot Point R1	1469.06
Daily Pivot Point R2	1473.88
Daily Pivot Point R3	1480.41

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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