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 remains depressed at the 22-month lows, US data eyed

EUR/USD is trading around 1.1150, the lowest since June 2017. The US Dollar continues dominating the board while the euro is still reeling from the weak German IFO data. US Durable Goods Orders are next.


GBP/USD regains 1.2900 handle on Brexit headlines

The GBP/USD pair regains its stand above 1.2900 while heading into the London open on Thursday. Absence of immediate challenge to PM May’s position and a likely Brexit deal voting helps the GBP.


USD/JPY: BOJ’s downward revision of inflation forecasts fails to inspire Yen sellers

Bank of Japan (BOJ) kept key policy tools unchanged and revised lower its inflation and GDP forecasts for the fiscal year 2020/21 earlier today. So far, however, the yen sellers have not made their presence felt, leaving the USD/JPY pair in the red at 111.95.


US Durable Goods Preview: Where the consumer leads

Durable goods orders are expected to rise 0.8% in March having fallen 1.6% in February. Orders excluding the transportation sector are predicted to gain 0.2%.

Read more

Gold: Immediate rising support-line favors gradual recovery to $1280

Gold is taking the rounds near $1276 while heading into the European open on Thursday. The yellow metal has been on recovery from Tuesday when it plummeted to the 2019 lows.

Gold News