Gold consolidates rebound from weekly lows, holds near daily highs


  • XAU/USD peaked at $1558/oz during the American session amid lower US yields. 
  • DXY heads for daily loss, but off lows. 

Gold prices rose on Wednesday, recovering after falling on Tuesday to $1535, the lowest since January 3. During the American session XAU/USD peaked at $1557 and it is about to end the day around $1555, gaining almost ten dollars. 

From Tuesday’s low the ounce rose 1.30% and it appears to be heading for a test of the resistance area of $1560. A break above could target $1575. XAU/USD avoided a close below $1545 that is an important support and then it rebounded. If it drops bask under $1545, the bearish pressure will likely rise, exposing $1535. 

From a fundamental perspective, the move higher on Wednesday was driven by a decline of the US dollar affected by lower yields. The DXY hit the lowest in a week at 97.16 before bouncing to 97.25. 

Gold prices rose despite the signing of the trade deal between the US and China. “The deal includes some reduction in tariffs on Chinese imports but most tariffs will remain in place until the next phase of the deal is agreed. It also includes China agreeing to buy $40 billion worth of US agricultural goods which is a large step up from the $24 billion supplied in 2017”, explained ANZ analysts. 

More technical levels  

XAU/USD

Overview
Today last price 1555.9
Today Daily Change 8.64
Today Daily Change % 0.56
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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