Gold falls to 1-week lows, eyes 2018 lows

  • Gold continues to be unable to benefit amid global trade war concerns.
  • XAU/USD drops toward $1,240/oz, approaches last week lows. 

A rally of the US dollar across the board sent gold prices to the downside. The ounce was moving sideways around $1,250/oz and broke lower during the US session. Price dropped to $1,242.50 reaching the lowest in a week. 

As of writing, it was hovering slightly above the lows, under pressure with the greenback consolidating gains across the board. The US dollar strengthened on a risk-off environment, after US PPI data and ahead of the CPI reading on Thursday. 

The rally of the dollar was the main driver of the XAU/USD decline. Gold is losing today 0.95%, about to post the third lowest close in a year. 

Levels to watch 

To the downside, immediate support is seen at $1,240 below that level attention would turn to $1,237 (YTD low) and under that area at $1,230. On the upside, resistance levels could be located at $1,246 (Jul 10 low), $1,253 and $1,260. A daily close on top of $1,260 is needed in order to remove the bearish pressure. 

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 struggling to hold onto 1.10 as USD gains ground

EUR/USD is trading close to 1.10, as the US dollar gradually advances. Two White House advisers expressed contradicting accounts of US-Sino trade talks, causing confusion. Germany refrained from adding fiscal stimulus.


GBP/USD trades around 1.25 as EU pours cold water on Brexit hopes

GBP/USD is trading around 1.25, off the two-month highs of 1.2582 as EU officials cast doubts about the seriousness of the new UK proposals on Brexit. 


USD/JPY drops to one-week lows on trade war headlines

The USD/JPY fell during the American session following reports that the Montana Farm Bureau said China's delegation has canceled a planned trip to view US agriculture.


Gold climbs further beyond $1500 mark, lacks follow-through

Gold edged higher for the second consecutive session on Friday, albeit remained well within a familiar trading range held over the past two weeks or so.

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Ethereum points to the Moon as Bitcoin takes a break

ETH/USD exceeds $220 and is bidding to lead the market. Bitcoin sets a bear trap and recaptures $10,000. XRP stalls between technical levels and fails to consolidate $0.30.

Read more