- 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|
|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.