Gold rallies further beyond $1500 mark, fresh session tops


  • Gold continues to find decent support near the $1450 horizontal zone or YTD lows.
  • Aggressive USD long-unwinding trade helped regain some positive traction on Friday.
  • The positive move seemed unaffected by a solid recovery in the global risk sentiment.

Gold continued gaining some positive traction through the early European session and shot to fresh daily tops, around the $1514-15 region in the last hour.

The precious metal once again managed to attract some buying ahead of the $1450 strong horizontal support – or YTD lows set at the beginning of this week – and snapped two consecutive days of losing streak. The early Asian session downtick remained limited amid mounting fears over the economic crisis from the coronavirus pandemic.

This coupled with some aggressive US dollar long-unwinding trade provided a goodish lift to the dollar-denominated commodity. A coordinated effort by central banks across the world helped ease market concerns about tightening liquidity conditions and prompted some USD profit-taking, all against the backdrop of the recent strong bullish run.

Meanwhile, the intraday positive move back above the key $1500 psychological mark seemed rather unaffected by a goodish recovery in the global risk sentiment, which tends to undermine demand for traditional safe-haven assets, including gold.

It, however, remains to be seen if the commodity is able to capitalize on the momentum or the move up is utilized as an opportunity to initiate some fresh bearish positions, all against the backdrop of the recent fall below the very important 200-day SMA for the first time since December 2018.

Technical levels to watch

XAU/USD

Overview
Today last price 1513.92
Today Daily Change 40.99
Today Daily Change % 2.78
Today daily open 1472.93
 
Trends
Daily SMA20 1603.25
Daily SMA50 1584.08
Daily SMA100 1535.45
Daily SMA200 1502.41
 
Levels
Previous Daily High 1501.2
Previous Daily Low 1464.3
Previous Weekly High 1703.4
Previous Weekly Low 1504.72
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1478.4
Daily Fibonacci 61.8% 1487.1
Daily Pivot Point S1 1457.75
Daily Pivot Point S2 1442.58
Daily Pivot Point S3 1420.85
Daily Pivot Point R1 1494.65
Daily Pivot Point R2 1516.38
Daily Pivot Point R3 1531.55

 

 

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