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. 

XAU/USD

Overview:
    Today Last Price: 1308.85
    Today Daily change: 0.49 pips
    Today Daily change %: 0.04%
    Today Daily Open: 1308.36
Trends:
    Daily SMA20: 1300.88
    Daily SMA50: 1279.42
    Daily SMA100: 1250.06
    Daily SMA200: 1231.32
Levels:
    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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