Gold has firmed on in the $1,500s again, supported by Fed/trade headlines


  • 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."

Gold levels

XAU/USD

Overview
Today last price 1512.32
Today Daily Change 16.72
Today Daily Change % 1.12
Today daily open 1495.6
 
Trends
Daily SMA20 1494.6
Daily SMA50 1504.4
Daily SMA100 1467.65
Daily SMA200 1383.87
 
Levels
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

 

 

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