Gold recovers a major part of early lost ground to over 1-week lows

   •  The USD climbs to two-week tops and keeps exerting downward pressure.
   •  US-China trade optimism further dampens the metal’s safe-haven demand.
   •  Worries over slowing global economic growth might help limit deeper losses.

Gold held on to its weaker tone through the early European trading session, albeit has managed to recover a part of its lost ground to over one-week lows.

The precious metal extended its losing streak for the fourth session in the previous five and corrected farther from nine-month tops amid the continuation of the recent US Dollar rally.

In fact, the greenback climbed to two-week tops on Thursday and was seen as one of the key factors creating bearish pressure on the dollar-denominated commodity since the beginning of this week.

This combined with growing optimism over a possible resolution to the US-China trade disputes further dampened the precious metal's safe-haven status and collaborated to the ongoing slide.

Despite a combination of negative forces, the commodity has managed to defend the key $1300 psychological mark and remained supported by worries over slowing global economic growth.

Hence, it would be prudent to wait for a sustained weakness below the mentioned handle before confirming that the commodity has already topped out in the near-term and positioning for any further near-term downfall. 

There isn't any major market moving US economic data due for release and hence, the USD price dynamics might continue to act as an exclusive driver of the commodity's momentum on Thursday.

Technical levels to watch


    Today Last Price: 1305.5
    Today Daily change %: -0.10%
    Today Daily Open: 1306.8
    Daily SMA20: 1297.57
    Daily SMA50: 1274.31
    Daily SMA100: 1246.82
    Daily SMA200: 1230.45
    Previous Daily High: 1322.3
    Previous Daily Low: 1306.12
    Previous Weekly High: 1326.25
    Previous Weekly Low: 1297.8
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1312.3
    Daily Fibonacci 61.8%: 1316.12
    Daily Pivot Point S1: 1301.18
    Daily Pivot Point S2: 1295.56
    Daily Pivot Point S3: 1285
    Daily Pivot Point R1: 1317.36
    Daily Pivot Point R2: 1327.92
    Daily Pivot Point R3: 1333.54


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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD bouncing modestly on disappointing US Consumer Confidence

The shared currency remains pressured by the idea that the ECB will come out with massive stimulus measures in September. US Michigan Consumer Confidence down to 92.1 brakes dollar's gains.


GBP/USD retreats sharply after approaching 1.2200

The GBP/USD pair came under selling pressure after flirting with weekly highs, as a dismal US confidence report brought back risk-off. GBP/USD still up for the week and above the critical 1.2100 level.


USD/JPY: Greenback makes modest progress against Yen, near 106.30

The demand for Yen as a safe-haven currency has been weak in the last three days. The levels to beat for bulls are at the 106.30 and 106.55 resistances.


Gold gives back territory towards a 23.6% retracement

Gold prices were a touch lower by the end of the week, falling -0.68% having travelled between a high of $1,528.00 to a low of $1,503.87, ending the NY session around $1,513. 

Gold News

Four Signs of A Bear Market

I am a believer that the Universe gives you signs. That may sound a bit crazy, but these three charts are three more signs of a bear market. The top chart is the GLD exchange traded fund.

Read more