Gold erases Tuesday's losses, trades above $1,490 ahead of key US data

  • 10-year US Treasury bond yield posts losses on Wednesday.
  • Wall Street's main indexes look to start the day flat.
  • Coming up: Third-quarter GDP growth data from the US and FOMC policy announcements.

The XAU/USD pair closed the day below $1,490 on Tuesday but staged a technical rebound while investors are getting ready for the key macroeconomic events in the United States. As of writing, the pair was up 0.35% on the day at $1,493.

Crucial events to watch out for

The Automatic Data Processing's (ADP) private-sector employment data from the United States will be followed by the first estimate of the third quarter Gross Domestic Product (GDP) growth readings. Later in the day, the Federal Open Market Committee (FOMC) will announce the interest rate decision and publish the policy statement. Finally, FOMC Chairman Jerome Powell will be delivering his remarks on the policy outlook at 18:30 GMT.

FOMC Preview: What 11 major banks are expecting from October meeting?

Previewing the data, “We expect the Fed to cut the target range for the federal funds rate by 25 bps on October 30,” said Rabobank analysts. “The Fed may also indicate that it thinks the mid-cycle adjustment has come to an end. However, we expect a recession in 2020 that will force the Fed to cut rates all the way to zero before the end of 2020.”

Ahead of these key data and announcements, the 10-year US Treasury bond yield is posting modest losses on the day and Wall Street's main indexes point out to a flat start with the S&P 500 Futures staying unchanged on the day and confirming the neutral market sentiment.

Technical levels to consider


Today last price 1493.58
Today Daily Change 5.88
Today Daily Change % 0.40
Today daily open 1487.7
Daily SMA20 1494.82
Daily SMA50 1504.54
Daily SMA100 1466.03
Daily SMA200 1382.81
Previous Daily High 1494.8
Previous Daily Low 1483.98
Previous Weekly High 1517.92
Previous Weekly Low 1481.05
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1488.11
Daily Fibonacci 61.8% 1490.67
Daily Pivot Point S1 1482.85
Daily Pivot Point S2 1478.01
Daily Pivot Point S3 1472.03
Daily Pivot Point R1 1493.67
Daily Pivot Point R2 1499.65
Daily Pivot Point R3 1504.49



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

GBP/USD catches fresh bids, regains1.3400 ahead of UK PMIs

GBP/USD sees a fresh leg higher in early European trading, as the bulls take out the 1.34 handle amid growing optimism over a speedy and soft Brexit. The focus remains on the UK Markit Preliminary PMIs ahead of BOE.


EUR/USD: Inverted hammer on D1, flash PMIs eyed

EUR/USD created a bearish inverted hammer candle on Friday, establishing 1.12 as key resistance. A bearish hammer reversal would be confirmed if the spot closes Monday below 1.1102. Better-than-expected German PMI is needed to avoid a bearish close.


Week Ahead – Phase-one trade deal and UK election aftermath

The US dollar remains at a critical juncture as Fed policy will be on hold for the foreseeable future and as we start to see an economic rebound come out of Europe. The world’s largest and strongest economy is likely to start to see economic growth slow in the fourth quarter.

Read more

Gold: Flatlined after the biggest weekly gain since September

Gold is lacking a clear directional bias in Asia, having eked out its biggest weekly gain in nearly three months. The yellow metal is currently trading at $1,474 per Oz, representing little or no change on the day.

Gold News

USD/JPY clings to modest gains, just below mid-109.00s

The USD/JPY pair edged higher on the first day of a new trading week, albeit lacked any strong follow-through and remained well within the previous session's trading range.