Gold keeps the red near $1410 level ahead of Powell’s speech

The USD gets a strong boost from upbeat US retail sales and prompts some aggressive selling.
The downside remains limited ahead of the Fed Chair Jerome Powell’s scheduled speech.

Haresh Menghani FXStreet

Gold finally broke down of its consolidative trading range and tumbled to fresh session lows, below $1410 level during the early North-American session.

The already strong US Dollar picked up some additional pace following the release of upbeat US monthly retail sales data for June and turned out to be one of the key factors exerting heavy downward pressure on the dollar-denominated commodity.

This coupled with a modest uptick in the US Treasury bond yields further collaborated towards driving flows away from the non-yielding yellow metal, with a positive mood around equity markets doing little to support the precious metal's safe-haven demand.

The downside, however, remained limited, at least for the time being, as investors still seemed reluctant to place any aggressive bets ahead of the Fed Chair Jerome Powell's scheduled speech later during the US trading session.

Hence, it would be prudent to wait for a strong follow-through selling before traders start positioning for any further near-term depreciating move back towards challenging the key $1400 psychological mark.

Technical levels to watch

XAU/USD

Overview
Today last price	1408.96
Today Daily Change	-5.14
Today Daily Change %	-0.36
Today daily open	1414.1

Trends
Daily SMA20	1402.5
Daily SMA50	1342.89
Daily SMA100	1318.6
Daily SMA200	1289.42

Levels
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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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