Gold erases gains and remains in the recent range above $1300

  • Gold prices pulled back after stabilization of the USD. 
  • Price remains in the recent range, firm above $1300/oz. 

The yellow metal peaked earlier today at $1,314/oz but lost strength and retreated. Recently it bottomed at $1,308, slightly above Asian session lows. As of writing, trades at $1,310, marginally higher for the day. 

It continues to move firm above $1,300 while the upside continues to be limited around $1,315. So the consolidation of XAU/USD remains in place. The bias still points to the upside, as price also holds above the 20-day moving average ($1,302). A firm break below $1,298 would open the doors to a more significant bearish correction. On the upside, a close above $1,315 would signal a test of January highs.  

Today’s retreat from the highs took place despite the rally in Wall Street. A rebound in US yields back to daily highs helped XAU/USD move lower. The 10-year yield rose from 2.65% to 2.68%.

Traders await now speeches by several FOMC officials, including Fed Chair Powell. Also in focus is the possible agreement between democrats and republicans to avoid another government shutdown. 


    Today Last Price: 1308.85
    Today Daily change: 0.49 pips
    Today Daily change %: 0.04%
    Today Daily Open: 1308.36
    Daily SMA20: 1300.88
    Daily SMA50: 1279.42
    Daily SMA100: 1250.06
    Daily SMA200: 1231.32
    Previous Daily High: 1314.88
    Previous Daily Low: 1303.75
    Previous Weekly High: 1322.3
    Previous Weekly Low: 1300.1
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1308
    Daily Fibonacci 61.8%: 1310.63
    Daily Pivot Point S1: 1303.12
    Daily Pivot Point S2: 1297.87
    Daily Pivot Point S3: 1291.99
    Daily Pivot Point R1: 1314.24
    Daily Pivot Point R2: 1320.12
    Daily Pivot Point R3: 1325.37


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