- Powell's overnight dovish comments provided a goodish lift to the commodity.
- The prevailing USD selling bias remained supportive of the positive move.
- A positive mood around equities capped gains ahead of the US inflation data.
Gold held on to its mildly positive tone through the early European session and is currently placed just below weekly tops, set earlier this Thursday.
The precious metal edged higher for the third consecutive session on Thursday and built on the overnight good up-move, triggered by the Fed Chair Jerome Powell's dovish remarks and further fueled by June FOMC meeting minutes.
In the prepared statement for the semi-annual Congressional testimony on Wednesday, Powell said that uncertainties continue to dim the outlook and reiterated that the central bank will act as appropriate to sustain the US economic growth.
Adding to this, the minutes from the Fed's policy meeting held in June pivoted to an easing stance and revived speculations of an aggressive rate cut, which turned out to be one of the key factors that benefitted the non-yielding yellow metal.
Meanwhile, the US Dollar also weakened across the board in tandem with a sharp slide in the US Treasury bond yields and provided an additional boost/remained supportive of the bid tone surrounding the dollar-denominated commodity.
However, a positive tone around equity markets undermined the precious metal's safe-haven demand and kept a lid on any runaway rally ahead of Thursday's important release of the latest US consumer inflation figures, due later during the early North-American session.
Technical levels to watch
|Today last price||1423.29|
|Today Daily Change||4.33|
|Today Daily Change %||0.31|
|Today daily open||1418.96|
|Previous Daily High||1419|
|Previous Daily Low||1390.08|
|Previous Weekly High||1436.2|
|Previous Weekly Low||1382.02|
|Previous Monthly High||1438.66|
|Previous Monthly Low||1306.18|
|Daily Fibonacci 38.2%||1407.95|
|Daily Fibonacci 61.8%||1401.12|
|Daily Pivot Point S1||1399.69|
|Daily Pivot Point S2||1380.42|
|Daily Pivot Point S3||1370.76|
|Daily Pivot Point R1||1428.62|
|Daily Pivot Point R2||1438.27|
|Daily Pivot Point R3||1457.54|
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.