Gold Price Analysis: XAU/USD climbs to 1-week tops, around $1960 region amid weaker USD

A strong pickup in the euro weighed on the USD and benefitted the dollar-denominated commodity.
A weaker tone around the US bond yields provided an additional boost to the non-yielding yellow metal.
Indications of stable opening in the US equity markets might cap the upside, at least for the time being.

Haresh Menghani FXStreet

Gold finally broke out of its daily consolidative price action and shot to over one-week tops, around the $1960 region during the early North American session.

The buying interest around the shared currency picked up pace after the ECB President Christine Lagarde said that there is no need to overreact to euro's recent gains. This, in turn, exerted some pressure on the US dollar and turned out to be one of the key factors that benefitted the dollar-denominated commodity.

The greenback was further pressured by a softer tone surrounding the US Treasury bond yields, which provided an additional boost to the non-yielding yellow metal. Meanwhile, the latest leg of a sudden uptick over the past hour or so could further be attributed to some technical buying above the $1951 horizontal resistance.

However, a goodish rebound in the US equity futures undermined the precious metal's safe-haven status and might keep a lid on any strong gains, at least for the time being. This makes it prudent to wait for some strong follow-through buying before positioning for additional gains toward the next hurdle near the $1970-72 region.

On the economic data front, the US Initial Weekly Jobless Claims came in at 884K during the week that ended September 5. The reading matched last week's upwardly revised print and was slightly higher than consensus estimates of 846K, albeit did little to provide any meaningful impetus.

Technical levels to watch

XAU/USD

Overview
Today last price	1959.1
Today Daily Change	12.57
Today Daily Change %	0.65
Today daily open	1946.53

Trends
Daily SMA20	1948.01
Daily SMA50	1912.93
Daily SMA100	1819.8
Daily SMA200	1697.87

Levels
Previous Daily High	1950.9
Previous Daily Low	1920.16
Previous Weekly High	1992.42
Previous Weekly Low	1916.42
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1939.16
Daily Fibonacci 61.8%	1931.9
Daily Pivot Point S1	1927.49
Daily Pivot Point S2	1908.46
Daily Pivot Point S3	1896.75
Daily Pivot Point R1	1958.23
Daily Pivot Point R2	1969.94
Daily Pivot Point R3	1988.97

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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