Gold heading towards $ 1170 amid broad USD weakness

A quick recovery in the greenback weighed on the renewed demand for gold, sending the rate lower from post-Trump win highs reached at $ 1164.25, although the bulls managed to find some fresh bids last minutes.

Gold eyes $ 1170 barrier

Currently, Comex gold futures rise +0.38% to 1162.55, reversing a brief dip to 1159 levels. The bullion prolongs its upward trajectory in an environment of slackening USD demand, as investors look take profits-off the table on USD longs created in wake of a Trump win and hawkish Fed.

Moreover, negative tone seen around the Asian markets and softer US treasury yields keep any downside short-lived. From a wider perspective, gold found fresh buyers recently as markets turn skeptical over the Trump’s policies as he is set to take office on 20th Jan.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1165 (monthly highs) and 1170 (round figure). Meanwhile, the support stands at 1153 (daily pivot) below which doors could open for 1150 (key support).

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

AUD/USD: Stellar performance refreshes 18-week top above 0.6800, RBA eyed

Having dominated the markets at the week’s start, AUD/USD bulls keep the reins around 0.6810, high of 0.6814, at the beginning of Tuesday’s Asian session. RBA is widely anticipated to keep the current monetary policy unchanged.


USD/JPY looks for a firm direction above 107.00 with eyes on US civil unrest

USD/JPY fails to extend the previous day’s losses amid fresh challenges to risk. The yen pair dropped the previous day amid broad US dollar weakness. A lack of data from Japan keeps traders focused on the geopolitical issues for fresh impulse.


Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Pointing beyond the Moon

XRP remains on the sidelines, although it could join the bullish run. The crypto market is starting to remind us of times gone by, with dazzling rises across the crypto board that draw the public's attention.

Read more

Gold: Bulls cheer immediate rising channel, aim for $1,753

Gold prices print four-day winning streak to probe $1,740. A four-day-old ascending trend channel formation and sustained trading above 200-HMA keeps buyers hopeful. $1,710 offers key support ahead of Wednesday’s low.

Gold News

WTI trading near session’s lows around $34.80 a barrel

Crude oil is trading near session’s lows as WTI is trading above the main SMAs on the four-hour chart. However, as the black gold remains fragile in a dominant downtrend, it remains to be seen if WTI can regain the 36.00 resistance. 

Oil News