Gold in search of a firm direction, stuck in a range ahead of US data/Powell

  • Fed rate cut expectations continue to lend some support.
  • Positive equities/pickup in the USD demand capped gains.
  • US retail sales data eyed for some impetus ahead of Powell.

Gold lacked any firm directional bias and seesawed between tepid gains/minor losses through the mid-European session on Tuesday.

Currently hovering around the $1414-13 region, the commodity remained well within the previous session's broader trading range, awaiting fresh catalyst from the Fed Chair Jerome Powell's scheduled speech.

Despite Monday's mostly upbeat macro releases from China and the US, firming market expectations that the Fed will eventually cut interest rates later this July continued lending some support to the non-yielding yellow metal.

However, a combination of forces - a mildly positive mood around equities and a goodish pickup in the US Dollar demand, offset the positive factor and capped any meaningful up-move for the dollar-denominated commodity.

The greenback gained some positive traction on Tuesday and was being supported by a fresh wave of selling around the British Pound, which remained depressed amid persistent Brexit-related uncertainties.

Moving ahead, Tuesday's US economic docket - featuring the release of monthly retail sales figures, will be looked upon for some short-term trading impetus ahead of Powell's possible comments on the policy outlook.

Technical levels to watch


Today last price 1414.26
Today Daily Change 0.16
Today Daily Change % 0.01
Today daily open 1414.1
Daily SMA20 1402.5
Daily SMA50 1342.89
Daily SMA100 1318.6
Daily SMA200 1289.42
Previous Daily High 1419.55
Previous Daily Low 1407.94
Previous Weekly High 1427.05
Previous Weekly Low 1386.34
Previous Monthly High 1438.66
Previous Monthly Low 1306.18
Daily Fibonacci 38.2% 1412.38
Daily Fibonacci 61.8% 1415.12
Daily Pivot Point S1 1408.18
Daily Pivot Point S2 1402.26
Daily Pivot Point S3 1396.58
Daily Pivot Point R1 1419.79
Daily Pivot Point R2 1425.47
Daily Pivot Point R3 1431.39



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