Gold climbs to weekly tops, around $1338 level

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

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, 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

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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