Gold holds steady in a range, just below $1510 level

  • Fading US-China trade optimism provided a goodish lift on Tuesday.
  • Bulls lacked any strong conviction ahead of FOMC meeting minutes.

Gold was seen oscillating in a narrow trading band through the early European session on Wednesday and consolidated the overnight goodish move up back closer to weekly tops.
Renewed uncertainties surrounding the US-trade talks, together with negative Brexit headlines dented investors' appetite for riskier assets on Tuesday. The same was evident from a selloff in the US equity markets and provided a strong boost to traditional safe-haven assets - like Gold.

Reviving safe-haven demand supportive

The precious metal quickly reversed an early dip to multi-day lows and rallied back above the key $1500 psychological mark in reaction to the US decision to blacklist eight Chinese companies over the treatment of Muslim minorities in the western province of Xinjiang.
Meanwhile, a South China Morning Post report said on Tuesday that China had toned down expectations ahead of high-level trade talks between the two countries, starting this Thursday, and further added that the Chinese delegation could depart Washington a day earlier than scheduled.
The latest development threatened to derail already delicate trade negotiations and dampened the global risk sentiment. The global flight to safety was further reinforced by a sharp slide in the US Treasury bond yields, which further benefitted and drove flows towards the non-yielding yellow metal.
Meanwhile, a subdued US Dollar price action did little to influence the price action on Wednesday, though bulls lacked any strong conviction and seemed reluctant to place any aggressive bets ahead of the release of the minutes of the latest FOMC policy meeting held on September 17-18.
Ahead of the key event risk, a scheduled speech by the Fed Chair Jerome Powell will be looked upon for some short-term trading impetus later during the early North-American session, making it prudent to wait for a strong follow-through buying before positioning for any further near-term appreciating move.

Technical levels to watch


Today last price 1507.16
Today Daily Change 1.56
Today Daily Change % 0.10
Today daily open 1505.6
Daily SMA20 1500.74
Daily SMA50 1502.9
Daily SMA100 1438.03
Daily SMA200 1367.42
Previous Daily High 1509.38
Previous Daily Low 1487.8
Previous Weekly High 1519.04
Previous Weekly Low 1455.5
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1501.13
Daily Fibonacci 61.8% 1496.04
Daily Pivot Point S1 1492.48
Daily Pivot Point S2 1479.35
Daily Pivot Point S3 1470.9
Daily Pivot Point R1 1514.05
Daily Pivot Point R2 1522.5
Daily Pivot Point R3 1535.62



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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Bullish case underpinned by weekend news

The EUR/USD pair has rallied Friday to close with gains for a third consecutive week at 1.1169. There was no particular catalyst for EUR gains. ECB scheduled to meet this week, although no fireworks expected this time.


GBP/USD: Uncertainty or relief? Action granted anyway

Hopes that the UK will avoid a hard-Brexit kept the Pound rallying against all of its major rivals by the end of last week, with GBP/USD finishing it a handful of pips below the critical 1.3000 level.


USD/JPY: Corrective slide to continue on sentiment

The USD/JPY pair closed the week at around 108.40, down Friday for a third consecutive day as the American currency remained under selling pressure. USD/JPY at risk of falling further only if it breaks below 108.00.


Gold turns flat above $1,490 as USD remains under pressure

After dropping to a daily low of $1,485, the XAU/USD pair staged a modest rebound during the American trading hours and turned flat on the day near $1,492.

Gold News

China’s downward economic path offers no escape from its trade problems

There were no surprises in China’s GDP figures as the government portrays an economy slipping steadily lower giving little promise of improvement or support for the waning global expansion.

Read more