Gold in search of a firm direction, stuck in a range around $1575 region


  • Gold failed to capitalize on the overnight positive move to over one-week tops.
  • Improving risk-sentiment undermined demand for the safe-haven commodity.
  • Sliding US bond yields, subdued USD action lends support ahead of US data.

Gold lacked any firm directional bias and oscillated in a narrow trading band around the $1575 region through the early European session on Friday.

A combination of diverging forces failed to provide any fresh impetus, or assist the precious metal to build on the previous session's goodish positive move to over one-week tops.

The downside remains cushioned

Some signs of stability in the global financial markets undermined demand for traditional safe-haven assets and kept a lid on any subsequent positive move for the precious metal.

However, growing market concerns about the negative impact of the deadly coronavirus on the Chinese economy continued lending some support and helped limit any losses.

This coupled with a weaker tone surrounding the US Treasury bond yields further played their part in cushioning the downside for the non-yielding yellow metal, at least for now.

Market participants now look forward to the US macro data, which will influence the US dollar price dynamics and produce some trading opportunities around the dollar-denominated commodity.

Friday's US economic docket highlights the release of monthly retail sales figures and will be followed by the Michigan Consumer Sentiment Index later during the early North-American session.

Technical levels to watch

XAU/USD

Overview
Today last price 1575.84
Today Daily Change -0.47
Today Daily Change % -0.03
Today daily open 1576.31
 
Trends
Daily SMA20 1568.68
Daily SMA50 1534.24
Daily SMA100 1508.35
Daily SMA200 1464.9
 
Levels
Previous Daily High 1578.34
Previous Daily Low 1565.54
Previous Weekly High 1594.01
Previous Weekly Low 1547.56
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1573.45
Daily Fibonacci 61.8% 1570.43
Daily Pivot Point S1 1568.45
Daily Pivot Point S2 1560.6
Daily Pivot Point S3 1555.65
Daily Pivot Point R1 1581.25
Daily Pivot Point R2 1586.2
Daily Pivot Point R3 1594.05

 

 

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