Gold drops toward $1480 as the US Dollar rebounds

  • XAU/USD breaks range but remains above strong short-term support. 
  • US dollar gains momentum during the American session as US yields rise further. 

Gold price broke an intraday range to the downside. It bottomed at $1,483/oz, the lowest level since October 16. The slide found support above $1,490 and near the end of the session, it trades at $1,483 down $7 for the day. 

A stronger US Dollar pushed gold to the downside. The rebound in US yields played a key role. The 10-year reached today 1.805%, the highest level since October 19. 

In the short-term, XUA/USD continues to consolidate, on what could be seen as a pause of the bearish correction or of the main bullish trend. A break above $1,520 would point to a resumption of the trend, while a daily close under $1,475 would sign more losses ahead. 

On a long term perspective, analysts at TD Securities still see Gold moving above $1,600/oz next year as global central banks cut further amid a global economic slowdown, the Fed's communiqué on the potential for additional rate cuts are not as certain. “The risk that prices will break lower is growing, with current prices challenging the upward trend which formed this summer. Risk appetite may firm due to a possible US-China trade deal and as the belief that monetary easing will help the economy avoid a steep downturn grows, which may reduce interest in the yellow metal for now.”


Today last price 1484.48
Today Daily Change -6.21
Today Daily Change % -0.42
Today daily open 1490.69
Daily SMA20 1497.78
Daily SMA50 1506.87
Daily SMA100 1454.62
Daily SMA200 1375.6
Previous Daily High 1494.15
Previous Daily Low 1485.06
Previous Weekly High 1497.95
Previous Weekly Low 1477.15
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1488.53
Daily Fibonacci 61.8% 1490.68
Daily Pivot Point S1 1485.78
Daily Pivot Point S2 1480.88
Daily Pivot Point S3 1476.69
Daily Pivot Point R1 1494.87
Daily Pivot Point R2 1499.06
Daily Pivot Point R3 1503.96



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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD defends gains above 1.1300 amid broad dollar recovery

EUR/USD defends gains above 1.1300 amid a broad-based US dollar recovery. The shared currency remains at the mercy of the broader market sentiment as the data docket is light on Monday. COVID-19 stats in focus. 


GBP/USD batting to extend gains beyond 1.2600

Risk-on mood limits the dollar’s bullish potential. GBP/USD bounces from daily lows, but Brexit concerns weigh on Sterling. BOE Governor Bailey's speech awaited.


XAU/USD inches closer to multi-year highs, trades around $1,810

The XAU/USD pair registered its highest weekly close since September of 2011 at $1,799 on Friday and continued to push higher on Monday.

Gold News

Dominance war to push Ethereum to $270

The Altcoin segment is still in full swing while the crypto board leaders, Bitcoin and Ethereum, remain stuck at the same levels as in recent weeks. The dispute for market share, or dominance in technical terms, remains at a point of maximum tension. 

Read more

WTI breaches $40 mark as talks of OPEC+ output cuts easing weigh

WTI (August futures on Nymex) extends Friday’s sell-off into the European trading this Monday, following a brief consolidation seen above $40 mark earlier in the Asian session.

Oil News