•  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


Today last price 1285.6
Today Daily Change 0.83
Today Daily Change % 0.06
Today daily open 1284.77
Daily SMA20 1282.52
Daily SMA50 1293.46
Daily SMA100 1294.68
Daily SMA200 1254.31
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



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD struggling to retain the 0.6900 mark

AUD/USD struggling to retain the 0.6900 mark

Wall Street plunged on Tuesday, dragging AUD/USD lower as the greenback benefited from the risk-averse sentiment. Softening gold prices weighed further on the aussie, now approaching its June lows. Australian Retail Sales in the docket.


EUR/USD nears 1.0500 amid inflation and recession concerns

EUR/USD nears 1.0500 amid inflation and recession concerns

The EUR/USD pair bounced modestly from a Tuesday’s low of 1.0502, maintaining a near-term bearish bias amid concerns related to economic growth and central banks’ actions to tame inflation. US core PCE inflation and German CPI coming up next.


Gold: Can the dollar finally win the battle?

Gold: Can the dollar finally win the battle?

XAUUSD is technically bearish and could soon lose the $1,800 level. Gold retains the sour tone on Tuesday, now trading at around $1,823.00 a troy ounce. The dollar seesawed between gains and losses, turning higher after the release of discouraging US data.

Gold News

Summertime bull-run a multi-year bear market?

Summertime bull-run a multi-year bear market?

The cryptocurrency market is in a historical pivotal moment. One good trade could replenish all losses, while one bad trade could be catastrophic.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!