Gold Price News: challenging weekly lows near $1,480.00


  • Gold trades on the defensive near $1,480/Oz.
  • Risk appetite weighs on the precious metal.
  • Focus remains on the US-China trade front.

The selling pressure around the precious metal has re-emerged in the second half of the week, pushing prices to the vicinity of the $1,480 region per ounce troy, or weekly lows.

Gold looks to trade

The demand for the yellow metal eased somewhat today in response to the better mood surrounding the riskier assets. In fact, news that Chinese officials could be assessing which US tariffs could be removed appear to have lent extra support to the risk-complex today and is in turn weighing on the safe haven assets.

In fact, Bullion is now intensifying the downside and is trading at shouting distance from weekly lows in the key $1,480 region despite the greenback remains in the lower end of the range when tracked by the US Dollar Index and US 10-year yields are re-visiting recent tops beyond 1.86%.

Gold key levels

As of writing Gold is losing 0.41% at $1,484.31 and faces the next support at $1,479.55 (low Nov.5) seconded by $1,476.39 (100-day SMA) and finally $1,459.23 (monthly low Oct.3). On the upside, a breakout of $1,503.85 (55-day SMA) would expose $1,519.70 (monthly high Oct.3) and then $1,535.69 (high Sep.24).

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

EUR/USD advances 1.10 amid upbeat trade headlines, after mixed US retail sales

EUR/USD is trading closer to 1.1050, up on the day. US Commerce Secretary Ross has expressed optimism about reaching a deal with China. The Retail Sales Control Group met expectations with 0.3%.

EUR/USD News

GBP/USD soars past 1.2900 as Farage gives additional boost to Conservatives

GBP/USD has leaped above 1.29, the highest since early November, as the Brexit Party has failed to field candidates in 43 additional seats, facilitating a victory for PM Boris Johnson.

GBP/USD News

USD/JPY clings to gains near session tops, around 108.70 post-US data

The USD/JPY pair maintained its strong bid tone near session tops and had a rather muted reaction to the mixed US economic data.

USD/JPY News

Gold looks to close week with small gains below $1,470

The precious metal struggled to find demand on Friday as the upbeat market mood on renewed hopes of the United States and China reaching a trade deal to avoid a tariff hike in December caused investors to move away from safe havens.

Gold News

Crypto Today: Playing with the thin red line

BTC/USD has fallen below $8,500 during the Asian trading session. A close below this support level would put $7,500 on the trading table. ETH/USD is moving below the 50-period exponential moving average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures