Gold finds support near $1320, remains in the negative territory


  • US Dollar Index struggles to gain traction on Tuesday.
  • Markets ignore mixed PPI data from the US.
  • 10-year US T-bond yield retreats from highs.

The troy ounce of the precious metal continued to lose value on Tuesday following last week's impressive rally and the XAU/USD pair dropped to its lowest level in a week at $1319.95. With the risk appetite losing its strength in the second half of the day, the pair recovered from the daily lows and was last seen trading at $1325.50, down 0.17% on a daily basis.

The 10-year US Treasury bond yield, which plummeted to its lowest level since September of 2017 last week, rose more than 2% on Monday and pushed higher during the first half of the day to reflect a positive market sentiment that makes it difficult for traditional safe-havens such as gold find demand. In the early NA session, however, the 10-year T-bond yield pulled away from the 12-day high that it set at 2.178% earlier today and was up only 0.5% at the time of press.

Additionally, major equity indexes in the U.S. retraced a large portion of the positive opening gap to reaffirm the shift in the market mood.

On the other hand, following today's macroeconomic data releases from the U.S., which showed that the PPI and the core PPI rose 1.8% and 2.3% on a yearly basis, respectively, the US Dollar Index struggled to make a decisive move in either direction and was last seen posting small daily gains at 96.80.

Technical levels to watch for

XAU/USD

Overview
Today last price 1325.7
Today Daily Change -2.24
Today Daily Change % -0.17
Today daily open 1327.94
 
Trends
Daily SMA20 1298.66
Daily SMA50 1290.39
Daily SMA100 1299.08
Daily SMA200 1266.04
Levels
Previous Daily High 1337.65
Previous Daily Low 1325.21
Previous Weekly High 1348.12
Previous Weekly Low 1306.18
Previous Monthly High 1306.9
Previous Monthly Low 1266.35
Daily Fibonacci 38.2% 1329.96
Daily Fibonacci 61.8% 1332.9
Daily Pivot Point S1 1322.89
Daily Pivot Point S2 1317.83
Daily Pivot Point S3 1310.45
Daily Pivot Point R1 1335.33
Daily Pivot Point R2 1342.71
Daily Pivot Point R3 1347.77

 

 

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

Latest Forex News

Editors’ Picks

EUR/USD flirts with 34-month lows amid after poor German figures, amid coronavirus fears

EUR/USD is trading just above 1.0820, the lowest since 2017, as the coronavirus outbreak is taking its economic toll on Apple among others. The German ZEW Economic Sentiment missed expectations with 8.7 points.

EUR/USD News

GBP/USD remains depressed below 1.30 as UK jobs figures miss expectations

GBP/USD is trading below 1.30 after UK wages decelerated to 2.9% yearly in December, worse than expected. Brexit concerns are also weighing and coronavirus headlines are eyed.

GBP/USD News

Forex Today: Coronavirus takes a bite from the apple, Gold gains, Bitcoin bounces

The coronavirus outbreak's economic impact is growing as Apple, the iPhone maker has issued a warning that it is unable to meet its guidance due to production and issues and closed stores in China. The tech giant's announcement has been weighing on the market mood, pushing gold and the yen higher. 

Read more

Gold: Positive beyond six-week-old falling trendline

Gold prices take the bids above $1585, +0.35%, during the pre-European trading on Tuesday. The yellow metal recently broke a downward sloping trend line stretched from January 08. Early-month top on the buyer’s radar.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures