Gold erases part of this week's gains, trades above $1,510

  • 10-year US Treasury bond yield post modest recovery gains.
  • US Dollar Index consolidates above 98 handle on Friday.
  • Gold remains on track to post weekly gains for third straight week.

The precious metal struggles to extend its rally on Friday as the improved market sentiment dampens the demand for traditional safe-havens. After slumping to a daily low of $1,506, however, the XAU/USD pair recovered modestly and was last seen trading near $1,515, still losing 0.55% on the day. Despite today's pullback, the pair remains on track to post weekly gains for the 12th time in the last 13 weeks.

Reflecting the positive market mood, the 10-year US Treasury bond yield is rising more than 1% today and the S&P 500 Futures is adding 0.9%, suggesting that Wall Street is likely to start the day sharply higher. However, the fact that there were no fresh developments surrounding the US-China trade conflict today suggests that the recovery in sentiment is unlikely to gather momentum in the near-term.

USD stays strong ahead of data

In the meantime, the rebound in the T-bond yields seems to be helping the Greenback preserve its strength. Unless it makes a surprise drop below the 97.54 mark, the US Dollar Index (DXY) will finish the week in the positive territory, erasing the losses it suffered last week. At the moment, the DXY is up 0.15% on the day at 98.30.

Later in the day, the US Census Bureau will release monthly Housing Starts and Building Permits data. The US economic docket will also feature the University of Michigan's Consumer Confidence Index (preliminary) for August.

Technical levels to watch for


Today last price 1514
Today Daily Change -9.20
Today Daily Change % -0.60
Today daily open 1523.2
Daily SMA20 1458.65
Daily SMA50 1417.09
Daily SMA100 1352.88
Daily SMA200 1315.68
Previous Daily High 1526.79
Previous Daily Low 1508.46
Previous Weekly High 1510.16
Previous Weekly Low 1436.96
Previous Monthly High 1452.72
Previous Monthly Low 1382.02
Daily Fibonacci 38.2% 1519.79
Daily Fibonacci 61.8% 1515.47
Daily Pivot Point S1 1512.18
Daily Pivot Point S2 1501.16
Daily Pivot Point S3 1493.85
Daily Pivot Point R1 1530.5
Daily Pivot Point R2 1537.81
Daily Pivot Point R3 1548.83



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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD flirts with 1.1100 as the dollar loses steam

The EUR/USD pair bounced from a daily low of 1.1065, as demand for the greenback receded during US trading hours. Upside caped for the shared currency amid fears of a German recession, Italian political turmoil.


GBP/USD losses upside momentum at the start of the key day

While optimism surrounding soft Brexit helped the GBP/USD pair to rise on the previous day, the Cable retraces to 1.2165 amid initial Wednesday morning in Asia. The UK PM’s visit to Germany will be closely observed.


USD/JPY: Dollar's progress stalls on softer US yields and weakness in stocks

The USD/JPY snapped a three-day winning streak on Tuesday with a bearish engulfing candle, as the US treasury yields fell. Notably, the US two-year Treasury yields dropped from 1.52% to 1.49% on Tuesday and the benchmark 10-year yield from 1.59% to 1.55%.


Gold: Bulls cheer pullback from 10-day EMA

Following its successful bounce off 10-day exponential moving average (EMA), Gold takes the bids to $1507 during the early Asian session on Wednesday. The yellow metal now heads to Friday’s high around $1528 ahead of questioning the monthly top surrounding $1535.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Planning the next bullish move after consolidating gains

Trading cryptos is not a one-way street – meteoric unstoppable gains belong to the past. Nevertheless, the bullish sentiment seems to prevail. Digital coins advanced on Monday and are consolidating on Tuesday. 

Read more