• US-China trade tensions continue to benefit traditional safe-haven assets.
  • Increasing Fed rate cut bets weighed on the USD and remained supportive.

Gold edged higher through the early European session on Thursday and is currently placed at the top end of its weekly trading range, above the $1335 level.

After the previous session's late pullback, a combination of supporting factors helped the precious metal to regain positive traction for the second consecutive session on Thursday. Numerousness amid fears of a further escalation in the US-China trade tensions continued benefitting traditional safe-haven assets and turned out to be one of the key factors lending some support. 

The risk-off mood was evident from declining US Treasury bond yields, which kept the US Dollar bulls on the defensive and underpinned the dollar-denominated commodity. Meanwhile, expectations for an eventual Fed rate cut move were reinforced by Wednesday's softer US consumer inflation figures, which further collaborated towards driving flows towards the non-yielding yellow metal.

In absence of any relevant market moving economic releases, it would be interesting to see if the commodity is able to capitalize on the positive move and aim back towards testing a key barrier near the $1346-48 zone, or yearly tops touched in reaction to last week's weaker US monthly jobs report.

Technical levels to watch

XAU/USD

Overview
Today last price 1337.6
Today Daily Change 4.04
Today Daily Change % 0.30
Today daily open 1333.56
 
Trends
Daily SMA20 1301.9
Daily SMA50 1292.05
Daily SMA100 1300.08
Daily SMA200 1267.35
Levels
Previous Daily High 1338.45
Previous Daily Low 1326.2
Previous Weekly High 1348.12
Previous Weekly Low 1306.18
Previous Monthly High 1306.9
Previous Monthly Low 1266.35
Daily Fibonacci 38.2% 1333.77
Daily Fibonacci 61.8% 1330.88
Daily Pivot Point S1 1327.02
Daily Pivot Point S2 1320.48
Daily Pivot Point S3 1314.77
Daily Pivot Point R1 1339.27
Daily Pivot Point R2 1344.98
Daily Pivot Point R3 1351.52

 

 

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