- Gold is consolidating ahead of critical $1,520s.
- Less optimistic trade headlines have also supported the advance.
Gold is consolidating below the key $1,520s, over 1% higher on the day mind, and benefitting from a mixed reaction to the Federal Reserve's hawkish interest rate cut. The price of Gold has travelled between the $1,494.01 lows and $1,514.28, the high for the day.
Fed and trade headlines
Indeed, Gold held surprisingly strong through the FOMC's "hawkish cut", bursting through the $1,500/oz level in the aftermath.
"While Fed Chair Powell stated that "monetary policy is in a good place" and that it would require a "material reassessment" of the economic outlook for the Fed to revisit the appropriate path for rates, essentially communicating the policy rate is likely to remain steady for the foreseeable future, markets seemed to take a liking to the apparent 2020 optionality, data dependence and persistent inflation worries," analysts at TD Securities explained.
However, the less optimistic trade headlines have also supported the advance on Thursday. Bloomberg reports that Chinese officials are casting doubts about reaching a comprehensive long-term trade deal with the U.S. even as the two sides get close to signing a “phase one” agreement.
"In private conversations with visitors to Beijing and other interlocutors in recent weeks, Chinese officials have warned they won’t budge on the thorniest issues, according to people familiar with the matter. They remain concerned about President Donald Trump’s impulsive nature and the risk he may back out of even the limited deal both sides say they want to sign in the coming weeks."
|Today last price||1512.32|
|Today Daily Change||16.72|
|Today Daily Change %||1.12|
|Today daily open||1495.6|
|Previous Daily High||1496.64|
|Previous Daily Low||1481.1|
|Previous Weekly High||1517.92|
|Previous Weekly Low||1481.05|
|Previous Monthly High||1557.03|
|Previous Monthly Low||1464.61|
|Daily Fibonacci 38.2%||1490.7|
|Daily Fibonacci 61.8%||1487.03|
|Daily Pivot Point S1||1485.59|
|Daily Pivot Point S2||1475.58|
|Daily Pivot Point S3||1470.06|
|Daily Pivot Point R1||1501.13|
|Daily Pivot Point R2||1506.65|
|Daily Pivot Point R3||1516.66|
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.