Gold News Price Prediction: the $1,470 regions caps the upside ahead of data, Powell


  • The yellow metal remains firm around $1,470.
  • The weak note in the dollar pushes prices higher.
  • Fed’s Powell will testify again later today.

Prices of the precious metal keep the positive performance in the second half of the week, although the $1,470 region continues to cap the upside for the time being.

XAU/USD remains firm ahead of data, Powell

The positive streak in Gold prices is prolonging for another session on Thursday, always sustained by the resurgence of trade concerns and absence of real progress surrounding the US-China ‘Phase One’ deal. Increased uncertainty in the trade scenario has helped the safe havens to regain ground in the last couple of sessions.

Bullion has managed to test fresh tops around $1,470 earlier in the session and in response to a knee-jerk in the buck, although it has surrendered part of those gains afterwards. The up move in the safe haven metal remains under scrutiny, however, as Chief Powell reinforced the Fed’s ‘pause’ mode on Wednesday and US inflation surpassed forecasts during last month, all morphing into extra support for the dollar.

Moving forward, US Producer Prices and the weekly Initial Claims are due ahead of the second testimony by Chief Powell, while a slew of Fed-speakers should also keep the buck in centre stage

Gold key levels

As of writing Gold is gaining 0.35% at $1,468.14 and a breakout of $1,478.32 (100-day SMA) would expose $1,496.85 (55-day SMA) and then $1,519.70 (monthly high Oct.3). On the downside, the next support emerges at $1,456.08 (monthly low Nov.8) seconded by $1,449.39 (38.2% Fibo of the May-September rally) and finally $1,416.12 (50% Fibo of the May-September rally).

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

GBP/USD off 7-month highs, still firmer as Tories hold the lead

GBP/USD retraces from the new seven-month highs of 1.3180 but remains strongly bid, as weekend polls have reaffirmed a solid lead for PM Johnson's Conservatives. Cable dropped on Friday amid upbeat US data.

GBP/USD News

EUR/USD steadying above 1.1050 amid upbeat German export data

EUR/USD is trading above 1.1050, attempting a recovery after Germany reported an increase in exports in October. EUR/USD dropped sharply on Friday amid upbeat US Non-Farm Payrolls and weak German industrial output. 

EUR/USD News

Cryptos: Market ready to launch, not knowing who will lead it

The market hesitates between Bitcoin and Ethereum to lead the next bullish run. Ethereum will suffer heavy losses if not in command. Bullish clarity may call for terminal motivation bearish jerks.

Read more

Gold bulls hold in there on geopolitical and trade risks, despite robust USD

Gold prices were under pressure at the start of the week as the US dollar seeks correction of the latest slide following a very healthy headline accumulative number in US jobs creation which included strong revisions.

Gold News

USD/JPY: Bears losing their grip as market attempts to bottom

USD/JPY is trading on the bid in the US session following a rise from 108.42 the low to a high of 108.66.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures