Gold flirting with session lows, around $1470 region

  • Gold failed to capitalize on the recent recovery move despite trade uncertainty.
  • Fed's patience stance seemed to be the only factor weighing on the commodity.
  • A subsequent slide, back towards the $1455 region, looks a distinct possibility.

Gold edged lower through the Asian session on Thursday and is currently placed near the lower end of its daily trading range, around the $1470 region.
The safe-haven precious metal witnessed some follow-through selling on Thursday and extended the previous session's late pullback from the vicinity of the 100-day SMA barrier, or near two-week tops, despite uncertainty over a phase one US-China trade deal.
The US President Donald Trump threatened to raise tariffs if phase one of a trade deal is not signed. Tensions between the two countries intensified further after the US Senate unanimously passed the Hong Kong Humans Right and Democracy Act bill on Tuesday.
Adding to this, reports on Wednesday suggested that the US and China may not reach a preliminary trade pact before next year, which shattered hopes of a partial agreement and weighed on the global risk sentiment – evident from weaker tone around equity markets.
Meanwhile, some renewed US dollar weakness also did little to lend any support to the dollar-denominated commodity. The fact that FOMC minutes on Wednesday indicated to keep policy on hold for a while seemed to be the only factor driving flows away from the non-yielding yellow metal.
From a technical perspective, the commodity's inability to capitalize on the recent recovery move from three-month tops and repeated failures near a previous strong support-turned-resistance suggests that the recent bearish pressure might still be far from being over.
Hence, some follow-through weakness, back towards testing weekly lows around the $1455 region, now looks a distinct possibility amid absent relevant market-moving US economic releases on Thursday.

Technical levels to watch


Today last price 1470.2
Today Daily Change -2.77
Today Daily Change % -0.19
Today daily open 1472.97
Daily SMA20 1482.74
Daily SMA50 1491.44
Daily SMA100 1481.25
Daily SMA200 1396.66
Previous Daily High 1478.86
Previous Daily Low 1466.12
Previous Weekly High 1474.6
Previous Weekly Low 1445.8
Previous Monthly High 1519.04
Previous Monthly Low 1455.5
Daily Fibonacci 38.2% 1473.99
Daily Fibonacci 61.8% 1470.98
Daily Pivot Point S1 1466.44
Daily Pivot Point S2 1459.9
Daily Pivot Point S3 1453.69
Daily Pivot Point R1 1479.18
Daily Pivot Point R2 1485.39
Daily Pivot Point R3 1491.93



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

Latest Forex News

Editors’ Picks

EUR/USD falls below 1.1850 as US consumer sentiment beats

EUR/USD is trading under1.1850, off the previous levels as US consumer sentiment beat estimates with 78.9 points. The Fed refrained from adding more stimulus, supporting the dollar earlier in the week. Investors are eyeing fiscal stimulus talks.


GBP/USD falls as the EU reportedly objects Johnson's bill

GBP/USD is trading around 1.2950, off the highs. According to reports, the EU remains opposed to UK PM Johnson's controversial bill, which violates the Brexit accord. 


XAU/USD struggles to move back above 100-hour SMA

Gold regained some positive traction on the last trading day of the week and recovered a part of the previous day's losses to over one-week lows. The commodity held on to its intraday gains and traded above the $1950 level through the mid-European session.

Gold News

Ethereum hits Bitcoin's bid to lead the market

Bitcoin risks dominance after the strong rise of Ethereum. Technical indicators show some significant discrepancies keeping the stress on the board. Sentiment levels are improving and bordering on optimism.

Read more

After yesterday's JMMC meeting WTI settles near $40 per barrel

WTI has been through a rollercoaster this week. The liquid gold has been in a downtrend leading into the OPEC+ JMMC meeting and then reversed the whole move. At the meeting the group agreed to extend the compensation period for overproduction till the end of December. 

Oil News