Gold drops to session lows, retreats further below $1300 mark

   •  Improving risk sentiment dents safe-haven demand and prompts some selling.
   •  Recovering US bond yields/USD adds to the selling bias/ latest leg of the slide.

Gold failed to capitalize on the early European session uptick to the $1300 neighborhood and has now dropped to the lower end of its daily trading range. 

A slight improvement in the global risk sentiment, as depicted by a sudden turnaround in the European equity markets dented the precious metal's relative safe-haven status and turned out to be one of the key factors behind the intraday slide.

A goodish pickup in the US Treasury bond yields, with the yield on the benchmark 10-year government bond yield recovering over 1% intraday, reinforced the risk-on mood and was also seen driving flows away from the non-yielding yellow metal. 

Adding to this, the US Dollar has managed to reverse an early dip and is now looking to build on the intraday positive move, which further undermined demand for the dollar-denominated commodity and collaborated to the latest leg of a slide.

The downside, however, remained cushioned as investors still seemed reluctant to place any aggressive bearish bets/unwinding near-term bullish positions amid the recent escalation in the US-China trade tensions and worries about slowing global economic growth.

Technical levels to watch


Today last price 1294.2
Today Daily Change -3.37
Today Daily Change % -0.26
Today daily open 1297.57
Daily SMA20 1281.96
Daily SMA50 1291.86
Daily SMA100 1296.69
Daily SMA200 1257
Previous Daily High 1300.92
Previous Daily Low 1293.1
Previous Weekly High 1291.45
Previous Weekly Low 1275.1
Previous Monthly High 1310.7
Previous Monthly Low 1265.6
Daily Fibonacci 38.2% 1296.09
Daily Fibonacci 61.8% 1297.94
Daily Pivot Point S1 1293.47
Daily Pivot Point S2 1289.37
Daily Pivot Point S3 1285.65
Daily Pivot Point R1 1301.3
Daily Pivot Point R2 1305.02
Daily Pivot Point R3 1309.12



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: bearish strength pointing to lower lows for the year

The EUR/USD pair extended its decline Friday to finish the week sharply lower in the 1.1150 region. The American currency stood victorious on the back of persistent concerns about US-Sino trade tensions and encouraging local data.


GBP/USD remains little changed to 1.2730 as Brexit doubts supersede USD pullback

With the doubts over the UK PM May’s Brexit plan’s another failure at the parliament growing strong, the GBP/USD pair trades near 1.2730 during early Monday.


USD/JPY rose to intra-day high of 110.20 despite upbeat GDP data

USD/JPY rose to the intra-day high of 110.20 despite Japan’s Q1 2019 GDP data beat forecasts on early Monday. The reason for the rise could be a downward revision to previous figures. Japan’s first quarter (Q1) gross domestic product (GDP) beat 0.0% forecast .


Gold: Mid-August 2018 major-uptrend’s support line tested for third time this month

Technically, the price is below the 50 and 20 DMAs, dropping back from channel resistance with room to go on the RSI to the downside although meeting its mid-April support line.

Gold News

Bitcoin price update: BTC reclaims $7,000, recovery stalled

Bitcoin (BTC) has recovered from a scary flash crash that took it all the way down from $7,800 to as low as $6,512. The first digital coin lost about 16% of its value in a matter of hour with no particular reason .

Read more