Gold hits fresh monthly tops near $ 1485 amid mounting US-China risks

Gold bulls regain poise amid rife US-China trade and political concerns.
Risk-off market keeps a check on broad-based US dollar recovery.
All eyes on trade updates and US Services PMI reports.

Dhwani Mehta FXStreet

The bulls regain poise in early European trading, offering a fresh lift to Gold, as it now flirts with four-week highs of 1482.81 amid a risk-off market profile.

The demand for the safe-haven gold has returned, as the European traders hit their desks and react negatively to the latest US-China developments on the political front after the US House approved the Xinjiang human rights bill.

The Chinese officials immediately condemned the US’ interference and threatened retaliation. The escalating US-China political tensions combined with looming trade uncertainty kept the investors unnerved, as they sought safety in the traditional safe-haven, gold.

The spot also finds support from mounting trade concerns outside China, especially in light of US President Trump’s new tariffs on Brazil and Argentina while the US tariffs threat on the EU also adds to the risk-off mood and in turn boosts the yellow metal’s demand.

Markets now look forward to the US Services PMI reports and fresh US-China trade and political developments for near-term trading opportunities, as fresh weakness in the US Treasury yields fades the broad US dollar recovery.

Gold Technical levels to watch

XAU/USD

Overview
Today last price	1483.84
Today Daily Change	6.68
Today Daily Change %	0.45
Today daily open	1477.2

Trends
Daily SMA20	1465.53
Daily SMA50	1483.61
Daily SMA100	1486.17
Daily SMA200	1402.78

Levels
Previous Daily High	1481.7
Previous Daily Low	1459.92
Previous Weekly High	1466.62
Previous Weekly Low	1450.74
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1473.38
Daily Fibonacci 61.8%	1468.24
Daily Pivot Point S1	1464.18
Daily Pivot Point S2	1451.16
Daily Pivot Point S3	1442.4
Daily Pivot Point R1	1485.96
Daily Pivot Point R2	1494.72
Daily Pivot Point R3	1507.74

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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