- Gold has smashed through the USD 1500 psychological level today.
- Now the precious metal is heading toward the next support of USD 1480.
Gold has lost around 1.50% of its value today as it seems investors are positioning away from safe havens.
The US 10 year yield is also climbing along with USD/JPY as risk assets become more favourable. Stocks are also higher in general over the EU and US sessions.
The reason for this shift in sentiment is stronger than expected PMI's and a softer tone from the US and China regarding their trade spat.
It was reported that the US and China may make concessions to get the phase one trade deal over the line.
Looking at the 4-hour chart below, gold has taken a battering on the last candle.
There are now two support levels in focus one is the USD 1480 support zone and the other is the trendline support level.
This area between USD 1520 and 1475 per ounce has been a big consolidation zone and any move outside would be considered important.
|Today last price||1487.13|
|Today Daily Change||-21.45|
|Today Daily Change %||-1.42|
|Today daily open||1508.58|
|Previous Daily High||1514.85|
|Previous Daily Low||1504.64|
|Previous Weekly High||1515.38|
|Previous Weekly Low||1481.1|
|Previous Monthly High||1519.04|
|Previous Monthly Low||1455.5|
|Daily Fibonacci 38.2%||1508.54|
|Daily Fibonacci 61.8%||1510.95|
|Daily Pivot Point S1||1503.86|
|Daily Pivot Point S2||1499.15|
|Daily Pivot Point S3||1493.65|
|Daily Pivot Point R1||1514.07|
|Daily Pivot Point R2||1519.57|
|Daily Pivot Point R3||1524.28|
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.