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. 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

Latest Forex News

Editors’ Picks

EUR/USD recaptures 1.08 as coronavirus fears weigh on market mood

EUR/USD has recaptured 1.08 as US bond yields retreat in reaction to growing fears about the coronavirus outbreak economic impact. Earlier, the pair plunged amid weak German data.


GBP/USD bounces above 1.30 as markets shrug off wage figures

GBP/USD is trading above 1.30 as investors ignore weak UK wage figures and Brexit concerns once again. Coronavirus headlines are eyed.


Altcoins push hard not waiting for a Bitcoin reaction

The Altcoin market has only needed one business day to see prices rise sharply again. Bitcoin, still, has adopted the anchor function and for the moment is giving up the battle for the $10000.

Read more

Gold firmer, near $1,600/oz on coronavirus fears

Renewed fears around the Chinese coronavirus (COVID-19) have been supporting the demand for the safe haven metal in past hours, taking the ounce troy to levels just shy of the key $1,600 mark.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info