- Gold bounces from $1,900 support area and returns to $1,910.
- XAU/USD appreciates moderately as risk aversion eases.
Gold futures have found support right below the $1,900 area earlier today before inching up to $1,910, turning positive on daily charts. The precious metal lost ground, with the US dollar building up during the European session on Tuesday, to appreciate during the North American session with market sentiment improving moderately.
XAU/USD remains neutral around $1,900
From a wider perspective, bullion prices remain moving directionless within previous ranges, fluctuating both sides of the $1,900 level, with upside attempts capped around $1,910.
Investor’s concerns about the consequences of the second COVID-19 wave, with infections soaring in the US and in the major European economies, have crushed appetite for risk, boosting demand for the US dollar and weighing on the dollar-denominated gold.
Beyond that, renewed US-China tensions on the back of a potential sale of US missiles to Taiwan and the uncertainty about the upcoming presidential elections in the US have spooked traders away from risky assets.
The market mood seems to have improved somewhat during the US session, with US Durable Goods Orders September and Housing Prices increasing beyond expectations. Equity markets have experienced a moderate recovery and the US dollar has trimmed gains, which has offered some support for the yellow metal.
Technical levels to watch
|Today last price||1909.7|
|Today Daily Change||7.65|
|Today Daily Change %||0.40|
|Today daily open||1902.05|
|Previous Daily High||1908.66|
|Previous Daily Low||1891.32|
|Previous Weekly High||1931.54|
|Previous Weekly Low||1894.48|
|Previous Monthly High||1992.42|
|Previous Monthly Low||1848.82|
|Daily Fibonacci 38.2%||1902.04|
|Daily Fibonacci 61.8%||1897.94|
|Daily Pivot Point S1||1892.69|
|Daily Pivot Point S2||1883.34|
|Daily Pivot Point S3||1875.35|
|Daily Pivot Point R1||1910.03|
|Daily Pivot Point R2||1918.02|
|Daily Pivot Point R3||1927.37|
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