- Gold rebounds amid risk aversion still
remainsin a 3-day range.
- US Dollar losses momentum after hitting fresh highs on US data.
Gold bounced to the upside, despite USD strength and climbed to $1,297/oz hitting a fresh daily high. Th yellow metal rose from $1,290 supported by a decline in equity prices and yields. In Wall Street the DOW JONES failed to hold to gains and was down 0.31%. Despite upbeat data, US yields were modestly lower, favoring the upside in gold.
After losing ground for three consecutive days, gold is up on Tuesday. It is approaching the $1,300 area where the 20-day moving average stands. A daily close above could signal more gains ahead for the metal.
XAU/USD Levels to watch
To the downside, the strong short-term support is seen at $1,289 (Jun 1 & 5 low), a break lower would clear the way for a test of $1,282 (May low), below the next support might lie at $1,275. On the upside, resistance could be located at $1,300 followed by $1,308 and $1,315 (Apr 26 & 27 low).
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.