Gold Price Analysis: XAU/USD fizzles upside momentum above $1,750

Gold refreshed monthly high but fails to rise past-$1,758.74.
Risk reset drags the bullion off-late, catalysts concerning China becomes the key.
Virus Statistics from Beijing, US President step back from further punitive measures on China favor the risks.
Fears of the coronavirus wave 2.0 prevail, Sino-American tension still on the cards.
A light calendar keeps the risk catalysts on the driver’s seat.

Anil Panchal FXStreet

Gold prices portray 0.50% gains while trading around $1,752.60 ahead of the European session on Monday. The bullion refreshed the monthly high to $1,758.74 during the early-day but fails to extend the run-up amid risk reset.

Among the major catalysts that renewed the market’s risk-tone sentiment, receding figures of the coronavirus (COVID-19) from mainland China and Beijing seems to offer a key boost to the market’s mood. The reason is the previous pessimism backed by the surge in the statistics from the US, France and Germany, not to forget some parts of Asia.

Also weighing on the pair could be US President Donald Trump’s refrain from announcing further punitive measures on Chinese diplomats involved in the Xinjiang issue.

Though, China’s turning down of the US meat from Tyson and US Secretary of State Mike Pompeo’s discussion with allies, over measures taken on China, seem to keep the Sino-American tension on the table. Additionally, the US attempts to push the ceasefire in Libya as well as geopolitical tensions in Asia are some of the catalysts that keep weighing on the trading sentiment.

As a result, the US 10-year Treasury yields take rounds to 0.69% whereas shares in Asia and the US stock futures recover the early-day losses.

Moving on, the traders will need to keep eyes the virus updates, as well as the US-China story, for fresh direction. Additionally, the US Chicago Fed National Activity Index and Existing Home Sales might offer extra clues for trading.

Technical analysis

A sustained break above $1,745 enables the bulls to aim for May month high near $1,765.40. Additionally, an ascending trend line from June 05, currently near $1,726, also favors the bulls.

Additional important levels

Overview
Today last price	1752.65
Today Daily Change	8.51
Today Daily Change %	0.49%
Today daily open	1744.14

Trends
Daily SMA20	1720.89
Daily SMA50	1716.86
Daily SMA100	1658.2
Daily SMA200	1580.09

Levels
Previous Daily High	1745.46
Previous Daily Low	1721.61
Previous Weekly High	1745.46
Previous Weekly Low	1704.28
Previous Monthly High	1765.38
Previous Monthly Low	1670.72
Daily Fibonacci 38.2%	1736.35
Daily Fibonacci 61.8%	1730.72
Daily Pivot Point S1	1728.68
Daily Pivot Point S2	1713.22
Daily Pivot Point S3	1704.83
Daily Pivot Point R1	1752.53
Daily Pivot Point R2	1760.92
Daily Pivot Point R3	1776.38

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.