Gold extends consolidation, looks to close week above $1400

  • US stocks post small gains in the early trade on Friday.
  • US Dollar Index ignores PPI data, stays calm around 97.
  • Gold remains on track to close the week higher.

The XAU/USD pair is trading in a relatively tight range on Friday toward the end of a roller coaster week that saw prices fluctuate between $1386 and $1427. As of writing, the pair is up 0.2% on the day near $1407 and remains on track to finish the week modestly higher.

Today's data from the U.S. showed that the core Producer Price Index (PPI) in June remained steady at 2.3% on a yearly basis and came in a tad above the market expectation of 2.2%. Nevertheless, the US Dollar Index, which dropped to a weekly low of 96.80 before recovering modestly on the back of upbeat inflation data, ignored the data and continues to move up and down near the 97 handle.

Despite the fact that the greenback is having a tough time finding demand today, the slightly improved market sentiment doesn't allow the pair to push lower. Major equity indexes on Friday started the day in the positive territory and cling to modest gains in the first half of the session while the 10-year Treasury Bond yield stays green to confirm the risk-on mood.

There won't be any other macroeconomic data releases in the remainder of the day and the pair is likely to remain above the $1400 mark.

Technical levels to watch for


Today last price 1.3045
Today Daily Change -0.0028
Today Daily Change % -0.21
Today daily open 1.3073
Daily SMA20 1.3268
Daily SMA50 1.3382
Daily SMA100 1.3351
Daily SMA200 1.3292
Previous Daily High 1.3092
Previous Daily Low 1.3042
Previous Weekly High 1.3147
Previous Weekly Low 1.3038
Previous Monthly High 1.3529
Previous Monthly Low 1.306
Daily Fibonacci 38.2% 1.3061
Daily Fibonacci 61.8% 1.3072
Daily Pivot Point S1 1.3046
Daily Pivot Point S2 1.3019
Daily Pivot Point S3 1.2996
Daily Pivot Point R1 1.3096
Daily Pivot Point R2 1.3119
Daily Pivot Point R3 1.3146



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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.


GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 


Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News