Gold consolidates around $ 1440, eyes US data for fresh direction

  • Side-lined amid US dollar comeback, less dovish Fed policy outlook.
  • US-Iran geopolitical tensions offer support ahead of US macro news.

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

The yellow metal extended the overnight correction, largely on the back of a solid rebound staged by the US against its main rivals. The greenback was helped by the NY Fed’s clarification on President Williams’ dovish comments that poured cold water on aggressive Fed rate cut in July, weighing negatively on the non-yielding gold.

Moreover, the latest remarks from the St. Louis Fed President Bullard, citing that a 25 bps Fed rate cut this month would be appropriate, strengthened the broad USD recovery.  However, the downside in the safe-haven remains restricted by escalating US-Iran geopolitical tensions and subdued trading seen around the Treasury yields.

In the session ahead, the US UoM Consumer Sentiment data will fuel fresh dollar trades, eventually impacting gold prices. Also, in focus remains the Fedspeak for fresh hints on the Fed’s interest rates outlook.

 Levels to watch


Today last price 1439.08
Today Daily Change -7.12
Today Daily Change % -0.49
Today daily open 1446.2
Daily SMA20 1411.67
Daily SMA50 1351.48
Daily SMA100 1321.63
Daily SMA200 1292.45
Previous Daily High 1448.08
Previous Daily Low 1414.95
Previous Weekly High 1427.05
Previous Weekly Low 1386.34
Previous Monthly High 1438.66
Previous Monthly Low 1306.18
Daily Fibonacci 38.2% 1435.43
Daily Fibonacci 61.8% 1427.61
Daily Pivot Point S1 1424.74
Daily Pivot Point S2 1403.28
Daily Pivot Point S3 1391.6
Daily Pivot Point R1 1457.87
Daily Pivot Point R2 1469.55
Daily Pivot Point R3 1491.01



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