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



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

Latest Forex News

Editors’ Picks

EUR/USD quickly approaching September low

The EUR/USD pair extended its slump towards 1.1760 after ECB’s Lagarde said the economic recovery in the EU is “very uncertain, uneven and incomplete.” Next relevant support at 1.1736, this month low.


GBP/USD consolidates losses around 1.2840

The Pound plunged on risk-aversion and PM Johnson acknowledging the kingdom is undergoing a second coronavirus wave. Health authorities mull further restrictions.


XAU/USD dives to sub-$1900 levels, six-week lows

Gold extended last week's rejection slide from a short-term descending trend-line resistance and tumbled to six-week lows during the early North American session.

Gold News

Bitcoin gets back in the game

Bitcoin is on its third positive consecutive session in a row on the dominance chart and points to strong market share increases. Crypto market raises doubts on price development in the short term.

Read more

WTI plummets to $39, down more than 4%

Crude oil prices closed the previous week sharply higher but erased a large portion of those gains on Monday. As of writing, the barrel of West Texas Intermediate was down 4.2%, the biggest daily percentage decline in nearly two weeks, at $39.15.

Oil News