•  The global flight to safety continues to fuel the ongoing positive move.
   •  A goodish pickup in the US bond yields now seemed to cap further gains.

Gold edged higher for the fourth consecutive session on Wednesday and is currently placed at near two-week tops, around the $1288 supply zone.

The precious metal continued attracting some safe-haven flows after the US Trade Representative Robert Lighthizer confirmed that the US will increase tariffs on $200 billion worth of Chinese goods on Friday. 

This comes on the back of a modest US Dollar downtick, which provided an additional boost and further assisted the dollar-denominated commodity to build on last week's goodish post-NFP bounce from YTD lows.

However, the positive momentum remained capped near the $1288 supply zone amid a goodish pickup in the US Treasury bond yields, which tends to undermine demand for the non-yielding yellow metal. 

Hence, it would be prudent to wait for a sustained move beyond the mentioned barrier before positioning for any further appreciating move amid absent relevant market moving economic releases from the US.

Technical levels to watch

XAU/USD

Overview
Today last price 1285.6
Today Daily Change 0.83
Today Daily Change % 0.06
Today daily open 1284.77
 
Trends
Daily SMA20 1282.52
Daily SMA50 1293.46
Daily SMA100 1294.68
Daily SMA200 1254.31
Levels
Previous Daily High 1286.1
Previous Daily Low 1275.1
Previous Weekly High 1288
Previous Weekly Low 1266.35
Previous Monthly High 1310.7
Previous Monthly Low 1265.6
Daily Fibonacci 38.2% 1281.9
Daily Fibonacci 61.8% 1279.3
Daily Pivot Point S1 1277.88
Daily Pivot Point S2 1270.99
Daily Pivot Point S3 1266.88
Daily Pivot Point R1 1288.88
Daily Pivot Point R2 1292.99
Daily Pivot Point R3 1299.88

 

 

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