Gold prints fresh highs, rises to test $1340


  • The yellow metal gains momentum as US yields move lower. 
  • Price back to the critical $1340 level: a close above should signal more gains ahead. 

The precious metal gathered strength over the last hours, breaking a range to the upside. It reached a fresh daily high at $1340, and it is hovering slightly below. 

The move higher in gold takes place in the context of a low volatility session across financial markets. In the currency space, majors are moving sideways in small ranges and in Wall Street equity prices are up by around 0.25% on average. US yields dropped back to daily lows, with the 10-year at 2.10%. The DXY is up 0.07%. 

Market participants await news regarding U.S.-China trade conflict ahead of the G20 summit. Data from the US showed that weekly jobless claims came in slightly above market expectations and both, the import price index and the export index, declined in April. The numbers had no impact on markets. On Friday, retail sales number are due. 

Short-term outlook 

The bullish momentum is increasing with the price holding on top of yesterday’s highs. The immediate resistance is seen at $1343 and then $1348 (June 7 high). If gold drops back below $1336, a test of $1330 could be seen. 

On a wider perspective, the trend continues to point to the upside, but a daily close clearly above $1340 is needed to open the doors to more gains. 

More Levels 

XAU/USD

Overview
Today last price 1339.26
Today Daily Change 5.70
Today Daily Change % 0.43
Today daily open 1333.56
 
Trends
Daily SMA20 1301.9
Daily SMA50 1292.05
Daily SMA100 1300.08
Daily SMA200 1267.35
Levels
Previous Daily High 1338.45
Previous Daily Low 1326.2
Previous Weekly High 1348.12
Previous Weekly Low 1306.18
Previous Monthly High 1306.9
Previous Monthly Low 1266.35
Daily Fibonacci 38.2% 1333.77
Daily Fibonacci 61.8% 1330.88
Daily Pivot Point S1 1327.02
Daily Pivot Point S2 1320.48
Daily Pivot Point S3 1314.77
Daily Pivot Point R1 1339.27
Daily Pivot Point R2 1344.98
Daily Pivot Point R3 1351.52

 

 

 

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