Gold clings to recovery gains above $1550, trade deal details eyed


  • Gold consolidates the recovery above $1550.
  • US dollar comeback across the board caps the upside.   
  • Markets await US-China trade deal signing and US data.

Gold (XAU/USD) stalled its steady recovery mode near $1554, now consolidating the recent gains amid cautious market mood and ahead of the key US-China phase one trade deal signing ceremony.

The yellow metal extended its rebound from two-week lows of $1536.30 into a second day on Wednesday, helped by unnerved markets amid increasing doubts over the impact of the phase deal. Markets also believe that despite the preliminary agreement, the trade war is far from over.

However, the further upside was capped in gold prices, as the US dollar witnessed some fresh buying interest across the board over the last hours. Attention now remains on the details of the phase one deal the US Treasury Secretary Mnuchin said would be released later in the day and will be fully enforceable.

Meanwhile, the US PPI data and the Fed’s Harker speech will be also closely eyed for fresh trading impetus.

Gold Technical levels to consider

XAU/USD

Overview
Today last price 1553.30
Today Daily Change 6.28
Today Daily Change % 0.41
Today daily open 1547.26
 
Trends
Daily SMA20 1523.39
Daily SMA50 1489.79
Daily SMA100 1496.35
Daily SMA200 1433.56
 
Levels
Previous Daily High 1549.39
Previous Daily Low 1536.35
Previous Weekly High 1611.3
Previous Weekly Low 1540.3
Previous Monthly High 1525.1
Previous Monthly Low 1454.05
Daily Fibonacci 38.2% 1541.33
Daily Fibonacci 61.8% 1544.41
Daily Pivot Point S1 1539.27
Daily Pivot Point S2 1531.29
Daily Pivot Point S3 1526.23
Daily Pivot Point R1 1552.31
Daily Pivot Point R2 1557.37
Daily Pivot Point R3 1565.35

 

 

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