Gold rebounds to $1,465 area as Trump downplays China trade deal

  • US Pres. Trump says he hasn't yet agreed to roll back tariffs.
  • 10-year US Treasury bond yield erases daily gains on souring sentiment.
  • US Dollar Index clings to gains above 98.30.

After slumping to its lowest level since early August at $1,456.33 in the early trading hours of the American session, the XAU/USD pair staged a recovery in the last hour with the precious metal finding demand amid souring market sentiment. As of writing, the pair was down 0.15% on a daily basis at $1,465.50. Despite this rebound, the pair remains on track to post its largest weekly loss of the year, erasing nearly $50.

US-China trade headlines continue to dominate markets

Reports suggesting that the United States (US) and China will be mutually rolling back tariffs as part of the phase-one of the trade deal provided a boost to the market sentiment and caused the safe-haven gold to lose interest. However, US President Donald Trump on Friday told reporters that he hasn't yet agreed to the reduction of tariffs to pour cold water on the optimism.

Reflecting the negative change in the risk sentiment, the 10-year US Treasury bond yield, which was up more than 1% on the day for the majority of the day, dropped into the negative territory in the last hour and Wall Street's main indexes pushed lower.

On the other hand, the US Dollar Index preserved its bullish momentum in the session and made it difficult for the pair to extend its recovery. At the moment, the index is up 0.23% on the day at 98.36. The data from the US today revealed that consumer confidence is expected to improve slightly in November with the University of Michigan's (UoM) Consumer Sentiment Index edging higher to 95.7 from 95.5 in October.

Technical levels to consider


Today last price 1466.82
Today Daily Change -1.17
Today Daily Change % -0.08
Today daily open 1467.99
Daily SMA20 1493.18
Daily SMA50 1500.76
Daily SMA100 1476.26
Daily SMA200 1389.78
Previous Daily High 1492.2
Previous Daily Low 1461.14
Previous Weekly High 1515.38
Previous Weekly Low 1481.1
Previous Monthly High 1519.04
Previous Monthly Low 1455.5
Daily Fibonacci 38.2% 1473
Daily Fibonacci 61.8% 1480.33
Daily Pivot Point S1 1455.35
Daily Pivot Point S2 1442.71
Daily Pivot Point S3 1424.28
Daily Pivot Point R1 1486.41
Daily Pivot Point R2 1504.84
Daily Pivot Point R3 1517.48



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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.


GBP/USD retreats from highs ahead of Barnier's speech, NFP

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.


Gold: Dives to fresh 1-month tops on stellar NFP report

Gold witnessed some aggressive selling in reaction to upbeat NFP report. Surging US bond yields, stronger USD contributed to the bearish pressure. A break below 50-day SMA might have paved the way for a further slide.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI refreshes multi-month tops above $38, OPEC+ to meet Saturday

WTI (July futures on Nymex) hit a new three-month high at 38.27 in the last hour, now consolidating the latest uptick just above 38.00, up nearly 2% on the day.

Oil News