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



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 rising after upbeat German PMI data

EUR/USD is trading around 1.1100, up on the day. German manufacturing PMI surprised with 43.6 and other figures also beat expectations. The ECB minutes are next.


GBP/USD stabilizing above 1.2100 ahead of the Johnson-Macron meeting

GBP/USD is trading above 1.2100, steady. After German Chancellor Merkel offered UK PM Johnson 30 days to solve the Irish Backstop problem, Johnson meets French President Macron.


USD/JPY: Weaker below 106.50, focus on T-yields ahead of Powell

USD/JPY trades weaker below the 106.50 level, tracking the negative S&P 500 futures and a cautious sentiment on the Asian equities, as attention shifts from the FOMC minutes to the Fed's Powell speech for fresh direction. 


Gold: Trapped in a symmetrical triangle

Gold is trapped in a narrowing price or a symmetrical triangle pattern, according to the 4-hour chart. The yellow metal rose to a six-year high of $1,353 per Oz on Aug. 13 and has charted lower highs and higher lows ever since.

Gold News

USD/CNH: Rallies, confirms falling channel breakout

Another wave of CNH selling could soon hit the market as the pair technical charts are reporting a bullish breakout. For instance, the pair has jumped 0.22% to levels above 7.08 today, confirming an upside break of the falling channel on the 4H chart.

Read more