• Firming Fed rate cut expectations provided a minor intraday lift.
  • The USD ticks higher post-US retail sales and exerts some pressure.
  • The downside seems limited ahead of next week’s FOMC meeting.

Gold struggled to capitalize on the intraday uptick and momentarily slipped below the key $1500 psychological mark in the last hour, albeit quickly bounced back to the neutral territory.
 
After the previous session's rather volatile swings, the precious metal regained some traction on the last trading day of the week and climbed to an intraday high level of $1509. Expectations that the Fed will move to ease the monetary policy further turned out to be one of the key factors benefitting the non-yielding yellow metal.

A modest USD uptick weighs

However, the intraday uptick lacked any strong bullish conviction amid encouraging trade-related development, which tends to dent the precious metal's safe-haven demand. This coupled with a modest US Dollar uptick - led by Friday's stronger US headline retail sales figures - exerted some fresh downward pressure on the dollar-denominated commodity - Gold.
 
Despite some good two-way price moves over the past two trading session, the commodity lacked any firm near-term directional bias as investors seemed to await a fresh catalyst from the upcoming FOMC meeting on September 17-18, which should help determine the next leg of a directional move.
 
From a technical perspective, the lack of any strong follow-through buying, despite the overnight post-ECB upsurge might now be seen as indications of possible bullish exhaustion. The weaker outlook will be reinforced below this week's swing lows support near the $1485 region, which should set the stage for an extension of the recent pullback from multi-year tops.

Technical levels to watch

XAU/USD

Overview
Today last price 1501.81
Today Daily Change 2.81
Today Daily Change % 0.19
Today daily open 1499
 
Trends
Daily SMA20 1516.89
Daily SMA50 1472.68
Daily SMA100 1398.93
Daily SMA200 1345.32
Levels
Previous Daily High 1523.3
Previous Daily Low 1489.25
Previous Weekly High 1557.03
Previous Weekly Low 1502.95
Previous Monthly High 1554.63
Previous Monthly Low 1400.9
Daily Fibonacci 38.2% 1510.29
Daily Fibonacci 61.8% 1502.26
Daily Pivot Point S1 1484.4
Daily Pivot Point S2 1469.8
Daily Pivot Point S3 1450.35
Daily Pivot Point R1 1518.45
Daily Pivot Point R2 1537.9
Daily Pivot Point R3 1552.5

 

 

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