Gold jumps above $ 1500, risk-off back in vogue

  • Gold bulls fight back control as risk-off seeps back on renewed trade jitters.  
  • Broad US dollar weakness adds to the bounce, focus on US data, Powell.

Fresh bids emerged once again around $ 1488 levels, allowing a strong bounce in Gold in a bid to test the $ 1500 mark.

A major turnaround in the risk sentiment rescued the gold bulls after China’s Foreign Ministry hinted at retaliation to the US’ blacklisting of the 28 Chinese firms. The Chinese statement triggered a fresh risk-off wave in Europe and boosted flight to safety. This comes ahead of the resumption of the US-China trade talks this Thursday.

Further, increasing odds of a no-deal Brexit amid growing disagreement between the EU and the UK over N. Irish Customs Union keep the investors looking for safety in the traditional safe-haven gold.

The broader market sentiment could likely have a significant influence on the gold trades heading into the US PPI release and the Fed President Powell’s speech, which may offer fresh cues on the US interest rates outlook, in light of the recent downbeat US fundamentals.

Gold Technical levels to watch


Today last price 1502.9
Today Daily Change 9.43
Today Daily Change % 0.63
Today daily open 1493.47
Daily SMA20 1499.74
Daily SMA50 1501.4
Daily SMA100 1435.72
Daily SMA200 1366.31
Previous Daily High 1509.86
Previous Daily Low 1488.32
Previous Weekly High 1519.04
Previous Weekly Low 1455.5
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1496.55
Daily Fibonacci 61.8% 1501.63
Daily Pivot Point S1 1484.58
Daily Pivot Point S2 1475.69
Daily Pivot Point S3 1463.05
Daily Pivot Point R1 1506.11
Daily Pivot Point R2 1518.75
Daily Pivot Point R3 1527.64





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