• Gold continues to move lower as risk sentiment holds firm.
  • USD/JPY is also moving higher to confirm today's positive sentiment.

Gold looks like it's stuck between a range between USD 1520 and around USD 1474 per ounce. 

Over the last few sessions, the US and China trade deal has moved to a more positive space with China saying they are ready to sign a deal but will not give too many concessions.

Elsewhere, at the Fed meeting last week the market considered the 0.25bps cut to be a "hawkish cut" and have therefore pushed back the forecasts for the next cut out further. It seems that they could have been vindicated as the NFP number beat expectations. 

Looking ahead to the rest of today's session we are expected to hear from ECB's new President Lagarde but it is unsure whether she will be speaking about monetary policy.

For the rest of this week, we are sure to hear about the trade talks more and more so hold on to your hats as there could be more volatility.

Lastly, on the chart, the RSI has also moved a lower area as the selling pressure kicks in but there is still lots of scope for a move lower.

Gold Analysis

XAU/USD

Overview
Today last price 1507.28
Today Daily Change  -7.12
Today Daily Change % -0.47
Today daily open 1514.4
 
Trends
Daily SMA20 1495.48
Daily SMA50  1504.45
Daily SMA100 1471.08
Daily SMA200 1386.18
 
Levels
Previous Daily High 1515.38
Previous Daily Low 1503.6
Previous Weekly High 1515.38
Previous Weekly Low 1481.1
Previous Monthly High 1519.04
Previous Monthly Low 1455.5
Daily Fibonacci 38.2% 1510.88
Daily Fibonacci 61.8% 1508.1
Daily Pivot Point S1 1506.87
Daily Pivot Point S2 1499.35
Daily Pivot Point S3 1495.09
Daily Pivot Point R1 1518.65
Daily Pivot Point R2 1522.91
Daily Pivot Point R3 1530.43

 

 

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD holds the lower ground below 1.2550 on downbeat UK GDP

GBP/USD stays pressured below1.2550 after flashing the biggest losses in two weeks the previous day. The UK GDP disappointed expectations by expanding 1.8% MoM in May. Focus shifts to the US CPI data. 

GBP/USD News

EUR/USD holds steady below 1.1350 amid risk-aversion

EUR/USD holds steady below 1.1350, as US dollar trades firmer amid broad risk-aversion. The German ZEW Survey to show signs of an economic turnaround. Heightened expectations for an EU fiscal stimulus plan underpin the shared currency. 

EUR/USD News

Gold: Breaks $1,800 threshold, nearby support lines in focus

Gold prices extend Monday’s pullback from $1,813.54 to challenge Friday’s low. Monthly support line, a five-week-old rising trend line to question the bears. Bulls will seek entries beyond the weekly resistance line.

Gold News

Forex Today: US dollar seizes control as risk aversion returns, a busy docket ahead

Broad US dollar strength extended into Asia, as risk-averse market conditions persisted amid intensifying coronavirus fears and US-China tensions. The Asian equities followed the late sell-off on Wall Street while the US stock futures struggled with its recovery.

Read more

WTI recovers from intraday low under $40.00 ahead of API inventories

WTI’s pullback from $39.30 fails to defy a two-day losing streak. China’s sustained increase in oil imports confronts chatter of easing output cuts. US inflation data, API stockpiles and American earnings are in the spotlight.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures