Gold lacks any firm direction, stuck in a range around $1490 area

  • The positive mood around equity markets weighed on traditional safe-haven assets.
  • Fed rate cut expectations/subdued USD demand helped limit any meaningful downside.
  • Traders now eye second-tier US economic data to grab some short-term opportunities.

Gold lacked any firm directional bias and seesawed between tepid gains/minor losses, around the $1490 region through the early European session on Thursday.
The precious metal failed to capitalize on the previous session's attempted bounce from two-week lows, with a combination of diverging forces holding investors from placing any aggressive directional bets and doing little to provide any meaningful impetus.

Traders await a fresh catalyst

Against the backdrop of the recent optimism led by a partial trade deal between the world's two largest economies, a positive mood around equity markets continued weighing on traditional safe-haven assets and turned out to be one of the key factors capping gains.
However, the ongoing slide in the US Treasury bond yields, amid firming market expectations that the Fed will cut interest rates further at the upcoming monetary policy meeting on October 29-30, extended some support and helped limit any further downside for the non-yielding yellow metal.
Adding to this, a subdued US Dollar demand further underpinned demand for the dollar-denominated commodity – Gold – and contributed to a subdued/range-bound price action on Thursday, making it prudent to wait for a sustained move in either direction before placing any short-term bets.
Later during the early North-American session, the US economic docket – featuring the release of Philly Fed Manufacturing Index, housing market data and industrial production figures – will now be looked upon to grab some short-term trading opportunities.

Technical levels to watch


Today last price 1488.6
Today Daily Change -1.40
Today Daily Change % -0.09
Today daily open 1490
Daily SMA20 1499.44
Daily SMA50 1507.16
Daily SMA100 1450.74
Daily SMA200 1373.59
Previous Daily High 1491.35
Previous Daily Low 1477.15
Previous Weekly High 1516.85
Previous Weekly Low 1474.2
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1485.93
Daily Fibonacci 61.8% 1482.57
Daily Pivot Point S1 1480.98
Daily Pivot Point S2 1471.96
Daily Pivot Point S3 1466.78
Daily Pivot Point R1 1495.18
Daily Pivot Point R2 1500.36
Daily Pivot Point R3 1509.38



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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD struggling to hold above 1.1000

The EUR/USD pair is trading at one-month lows just above the 1.1000 level, undermined by softer-than-expected EU data and persistent uncertainty surrounding the US-China trade relationship.


GBP/USD stuck around 1.2850

The Pound traded lifeless this Tuesday, confined to familiar levels against most rival despite mixed employment data and mounting tensions heading into December’s election.


USD/JPY hits fresh lows under 109.00 as Wall Street erases gains

The USD/JPY pair printed fresh lows during the American session as equity prices moved off highs in Wall Street.


Gold: Remains vulnerable near 3-month lows

Gold remained depressed through the mid-European session on Tuesday and is currently placed near three-month lows, just above $1450 level. 

Gold News

Bitcoin: Google's threat, halving, and the best cost strategy

Google threat Bitcoin ecosystem with its Sycamore Quantum Computer. According to experts, the next halving in the Bitcoin mining rewards will occur on May 14, 2020. Dollar-Cost Averaging strategy has yielded a return of over 500 % since 2014.

Read more