Gold keeps cheering broad USD weakness while heading into the end of 2019
Gold takes the bids to $1,515 amid the initial Asian session on the last day of 2019. While overall declines of the greenback please the buyers, optimism surrounding the major consumer and geopolitical tension adds strength into the safe-haven.
The USD keeps the losses running while declining to the lowest since July 03. The traders’ fraternity seems to adjust the year-end open positions while downbeat prints of the US Dallas Fed Manufacturing Business Index offered additional weakness to the US currency.
Gold Technical Analysis: Prints fresh three-month high above $1520, takes-out 61.8% Fibonacci
Gold takes the bids to $1,521.50 during the initial trading session on Tuesday. In doing so, the yellow metal successfully breaks 61.8% Fibonacci retracement level of the declines from September to November.
Bulls are now gearing up to confront the September 24 high, near $1,525, ahead of targeting the September month top, at $1,557.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD now shifts its focus to 0.6700
AUD/USD advanced for the third consecutive session on Wednesday, reaching four-month highs in levels shy of the 0.6700 hurdle ahead of the release of the key labour market report in Australia on Thursday.
EUR/USD looks bid and retargets 1.0900
The strong CPI-driven pullback in the Greenback allowed EUR/USD to maintain its multi-session rebound well in place, approaching the key 1.0900 region on Wednesday.
Gold reaches fresh monthly highs, aims for $2,400
Gold trades modestly higher on the day above $2,360 in the American session. The data from the US showed that annual inflation edged lower to 3.4% in April as expected. The benchmark 10-year US Treasury bond yield stays in the red below 4.4%, allowing XAU/USD to keep its footing.
Bitcoin price reclaims territory above $64K after April CPI release
Bitcoin (BTC) price has shown strength, displaying a god candle on Wednesday during the early hours of the American session. Notably, it is an interesting turn considering how poorly BTC has been performing during this session in the recent weeks.
April CPI: It's a start
The first CPI report of Q2 should be seen as welcome news by the FOMC. The headline CPI rose 0.3% in April, a tenth below consensus expectations, while the core CPI also increased 0.3%, in line with expectations but a downshift from the pace registered in Q1.