- Risk appetite and higher US yields weigh on XAU/USD.
- Gold falls more than $15, cuts to half yesterday’s gains.
During the Asian session, gold reached a 1-week high at $1426.90/oz. After spending a few hours above $1420 it broke lower and accelerated to the downside. US inflation data also added pressure. During the American session bottomed at $1408 and as of writing it is hovering around $1410, down almost $15 from yesterday’s close.
Today’s slide cut to half Wednesday’s gains when it jumped from $1394 after Fed’s Chair Powell comments that reinforced rate cut expectations. US yields on Thursday are rising significantly back to yesterday’s highs. The 10-year stands at 2.10% after opening the day at 2.04%. In Wall Street, the DOW JONES gains 0.75%, and the S&P 500 trades at 3,000 up 0.24%, near all-time-highs.
Limited under $1,425
From a technical perspective, the area around $1,420/25 continues to be a critical resistance. XAU/USD traded on top, but it failed to post a daily close above. If it manages to consolidate at higher levels, it would point to further gains. On the flip side, $1,405 and $1,399 are the immediate support levels. The critical one stands at $1,391 the 20-day moving average. A close below could trigger further corrective moves.
|Today last price||1410.76|
|Today Daily Change||-8.20|
|Today Daily Change %||-0.58|
|Today daily open||1418.96|
|Previous Daily High||1419|
|Previous Daily Low||1390.08|
|Previous Weekly High||1436.2|
|Previous Weekly Low||1382.02|
|Previous Monthly High||1438.66|
|Previous Monthly Low||1306.18|
|Daily Fibonacci 38.2%||1407.95|
|Daily Fibonacci 61.8%||1401.12|
|Daily Pivot Point S1||1399.69|
|Daily Pivot Point S2||1380.42|
|Daily Pivot Point S3||1370.76|
|Daily Pivot Point R1||1428.62|
|Daily Pivot Point R2||1438.27|
|Daily Pivot Point R3||1457.54|
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