Gold climbs to weekly tops, further beyond $1510 level

  • China’s announces retaliatory tariffs and boosted the commodity’s safe-haven demand.
  • A modest intraday USD pullback remains limited after Powell’s speech and capped gains.

Gold reversed an early dip to $1493-92 support area and spiked back closer to weekly tops in reaction to China's retaliatory tariffs, albeit lacked any strong follow-through.
In the latest trade-related development, China announced to levy retaliatory tariffs on another $75 billion worth of US goods. The move was seen as a further escalation in trade conflicts between the world's two largest economies and provided a strong boost to the precious metal's perceived safe-haven status.

Influenced by USD price dynamics

This coupled with a modest US Dollar pullback, led by St Louis Fed President James Bullard's dovish comments that there will be a debate about 50 bps cut at next meeting and that lower rates would help us hit the inflation target, further lifted the dollar-denominated commodity back above the key $1500 psychological mark.
The USD downtick, however, turned out to be rather limited following the Fed Chair Jerome Powell's scheduled speech at Jackson Hole Symposium. Powell reiterated the stance to act as appropriate to sustain the expansion and refrained from providing clear signals about further, which kept a lid on any further up-move for the non-yielding yellow metal.
With today's key event risk out of the way, it would now be interesting to see if bulls are able to capitalize on the move or refrain from placing any aggressive bets. Nevertheless, at current levels, the commodity seems all set to end the week with modest losses and snap three consecutive weeks of winning streak, though might still manage to settle above the $1500 mark.

Technical levels to watch


Today last price 1504.18
Today Daily Change 6.15
Today Daily Change % 0.41
Today daily open 1498.03
Daily SMA20 1479.11
Daily SMA50 1434.02
Daily SMA100 1363.56
Daily SMA200 1323.09
Previous Daily High 1504.54
Previous Daily Low 1492.65
Previous Weekly High 1534.4
Previous Weekly Low 1481
Previous Monthly High 1452.72
Previous Monthly Low 1382.02
Daily Fibonacci 38.2% 1497.19
Daily Fibonacci 61.8% 1500
Daily Pivot Point S1 1492.27
Daily Pivot Point S2 1486.51
Daily Pivot Point S3 1480.38
Daily Pivot Point R1 1504.17
Daily Pivot Point R2 1510.3
Daily Pivot Point R3 1516.06



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

EUR/USD stays under pressure as traders await Fed rate decision

Despite shooting up on Tuesday, the EUR/USD pair fails to hold on to recovery gains as it trades near 1.1070 ahead of Wednesday’s European session. All eyes on the US Federal Reserve’s monetary policy announcement due at 18:00 GMT.


GBP/USD charts bullish continuation pattern ahead of the Fed

GBP/USD created a bullish outside bar candlestick on Tuesday, signaling a continuation of the recent rally. The outlook would turn bearish if the pair closes below Tuesday's low of 1.2392, in the face of a less dovish Fed outcome.


USD/JPY holds on to recovery gains above 108.00 ahead of Fed

Not only upbeat trade numbers from Japan but upbeat trade/political headlines also help the USD/JPY pair to remain firm around 108.20 prior to Wednesday’s European session. Focus on FOMC decision.


Gold seesaws around $1,500 with all eyes on FOMC

With the global traders on a wait and see approach ahead of the key event, Gold offers fewer moves while taking rounds to $1,500 during Wednesday’s Asian session. Also supporting the bulls were positive statistics from the US and the Eurozone.

Gold News

Federal Reserve Preview September 17-18 FOMC: Even Odds

The already complicated economic and bureaucratic circumstances for Wednesday’s Federal Reserve decision were further disturbed when Saudi oil facilities were attacked over the weekend.

Read more