Gold consolidates in a range, below $1290 level


   •  The USD remains supported by upbeat US economic data and capped gains.
   •  Further escalation in the US-China trade tensions helped limit the downside.

Gold seesawed between tepid gains/minor losses and remained confined in a narrow trading band through the mid-European session on Friday.

A combination of diverging forces failed to provide any meaningful impetus to the commodity and led to a subdued/range-bound price action on the last trading day of the week. The US Dollar held steady near two-week tops and remained well support by Thursday robust US economic data, which eventually dented demand for the dollar-denominated commodity.

However, reports, suggesting that China is no longer interested in negotiations with the US, further fueled concerns about a full-blown trade war between the world's two largest economies and weighed on investors' sentiment. The cautious mood was evident from a fresh leg of a downfall in equity markets, which underpinned the precious metal's safe-haven status and might help limit deeper losses.

Moving ahead, today's relative thin US economic docket - featuring the only release of the Prelim UoM Consumer Sentiment Index for May seems unlikely to produce any meaningful trading opportunities and hence, the broader market risk sentiment/USD price dynamics might continue to act as key determinants of the commodity's momentum on Friday.

Technical levels to watch

XAU/USD

Overview
Today last price 1286
Today Daily Change 0.37
Today Daily Change % 0.03
Today daily open 1285.63
 
Trends
Daily SMA20 1282.55
Daily SMA50 1291.82
Daily SMA100 1296.88
Daily SMA200 1257.42
Levels
Previous Daily High 1307.3
Previous Daily Low 1284.2
Previous Weekly High 1291.45
Previous Weekly Low 1275.1
Previous Monthly High 1310.7
Previous Monthly Low 1265.6
Daily Fibonacci 38.2% 1293.02
Daily Fibonacci 61.8% 1298.48
Daily Pivot Point S1 1277.45
Daily Pivot Point S2 1269.28
Daily Pivot Point S3 1254.35
Daily Pivot Point R1 1300.55
Daily Pivot Point R2 1315.48
Daily Pivot Point R3 1323.65

 

 

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 remains depressed but off daily lows

The EUR/USD pair is recovering from a daily low of 1.1216, although holding in negative territory for the day. US preliminary Michigan Consumer Sentiment Index improved by less-than-anticipated in July, coming in at 98.4 vs. the 98.5 expected.

EUR/USD News

GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.

GBP/USD News

USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.

USD/JPY News

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

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.

Gold News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •