Gold hits fresh two-week lows under $1,500/oz
- Risk appetite, lower US yields weigh on Gold and safe-haven assets.
- XAU/USD is hovering around $1,500/oz, after reaching the lowest since August 23.
After a pause, Gold resumed the decline, falling again below $1,500/oz. Price bottomed at $1,497 the fresh two-week low. It bounced back to the upside and as of writing is hovering around $1,500 down for the day but off lows. On the flip side, under the daily, the next support emerges at $1,492.
Negative momentum remains as markets stay positive
XAU/USD holds a bearish short-term bias amid an improvement in risk appetite. Equity prices in Wall Street are higher while US bonds slide. The 10-year yield rose to 1.63%, the highest level since August 23. Some expectations about trade talks between the US and China contribute to improved market sentiment. Also, Friday’s announcement in China of a cut in the reserve requirement rate helped.
The Swiss Franc, the Yen, bonds and Gold, traditionally safe-haven assets are all lower today. The US Dollar is mostly weaker despite rising US yields.
The decline of the Dollar failed to offer support to gold prices. The ounce so far managed to hold on top of $1,500 but the negative tone is likely to remain in place as long as price stays below the $1,510 area. If it rises on top, it could extend toward the next resistance seen at $1,525.
More Levels
XAU/USD
Overview
Today last price1500.66
Today Daily Change-5.94
Today Daily Change %-0.39
Today daily open1506.6
Trends
Daily SMA201520.45
Daily SMA501465.85
Daily SMA1001390.12
Daily SMA2001340.06
Levels
Previous Daily High1527.83
Previous Daily Low1502.95
Previous Weekly High1557.03
Previous Weekly Low1502.95
Previous Monthly High1554.63
Previous Monthly Low1400.9
Daily Fibonacci 38.2%1512.45
Daily Fibonacci 61.8%1518.33
Daily Pivot Point S11497.09
Daily Pivot Point S21487.58
Daily Pivot Point S31472.21
Daily Pivot Point R11521.97
Daily Pivot Point R21537.34
Daily Pivot Point R31546.85
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
