Gold ignores US data, trades at fresh daily highs above $1,650


  • Durable Goods Orders in US declined less than expected in January.
  • US economy is seen expanding 2.1% in Q4 as expected. 
  • 10-year US T-bond yield slumps to fresh all-time lows near 1.26%.

The XAU/USD pair continues to trade in the positive territory in the early trading hours of the American session as USD struggles to capitalize on the macroeconomic data releases from the US. As of writing, the pair was up 0.82% on the day at $1,653.

Risk aversion and USD weakness drive gold's action

The US Bureau of Economic Analysis' second estimate for the annualized GDP growth in the fourth quarter stayed unchanged at 2.1% as expected on Thursday. Additionally, the US Census Bureau reported that Durable Goods Orders in January declined by 0.2% to better analysts' estimate for a decrease of 1.5%. 

Nevertheless, the relentless fall witnessed in the US Treasury bond yields didn't allow the greenback to find demand after the data. At the moment, the 10-year US T-bond yield is at a fresh all-time low of 1.26%, erasing 6.2% on a daily basis, and the US Dollar Index is down 0.56% at 98.59.

Meanwhile, reflecting the intense flight-to-safety, Wall Street's main indexes started the day deep in the negative territory to help the safe-haven gold preserve its strength. Both the S&P 500 and the Nasdaq Composite opened thge day more-than-2% lower.

Technical levels to watch for

XAU/USD

Overview
Today last price 1652.86
Today Daily Change 16.63
Today Daily Change % 1.02
Today daily open 1636.23
 
Trends
Daily SMA20 1592.16
Daily SMA50 1560.88
Daily SMA100 1519.4
Daily SMA200 1479.88
 
Levels
Previous Daily High 1655.06
Previous Daily Low 1624.96
Previous Weekly High 1649.32
Previous Weekly Low 1578.88
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1643.56
Daily Fibonacci 61.8% 1636.46
Daily Pivot Point S1 1622.44
Daily Pivot Point S2 1608.65
Daily Pivot Point S3 1592.34
Daily Pivot Point R1 1652.54
Daily Pivot Point R2 1668.85
Daily Pivot Point R3 1682.64

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats below 1.0700 after US GDP data

EUR/USD retreats below 1.0700 after US GDP data

EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.

EUR/USD News

GBP/USD declines below 1.2500 as USD rebounds

GBP/USD declines below 1.2500 as USD rebounds

GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%. 

GBP/USD News

Gold drops below $2,320 as US yields shoot higher

Gold drops below $2,320 as US yields shoot higher

Gold lost its traction and turned negative on the day below $2,320 in the American session on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, weighing on XAU/USD.

Gold News

XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger

XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger

Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP. 

Read more

After the US close, it’s the Tokyo CPI

After the US close, it’s the Tokyo CPI

After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures