Gold recovers from 2-week lows and rises above $1280

Gold up more than $5 during last 60 minutes
The metal recovers from 2-week lows
Trump says “very, very close” on Fed’s next chair

Matías Salord FXStreet

Gold erased all losses and rose back above $1,280/oz. It rebounded after reaching earlier a 2-week low. The greenback remained steady in the market.

Recovery underway

The yellow metal bottomed after the beginning of the US session at $1,272.30, the lowest level since October 6. Then it stabilized around $1275 and during the last hour jumped, rising to $1283. At the moment of writing it was trading at $1,280.80, near Friday’s close.

The only driver of the recent recovery in gold appears to be US President Trump comments regarding the next potential chair of the Federal Reserve. The main choice for the moment is Jerome Powell. Trump said that he is very close to the decision.

The rally in gold from 2-week lows to levels on top of $1280 was unexpected considering that the US dollar and US bond yields remained steady in the market, moving in ranges.

XAU/USD technical levels

To the downside, $1276 is again a support level followed by $1272 (daily low) and $1260 (October low). On the upside, immediate resistance is seen at $1283 (daily high / 100-SMA in 4 hours chart) and $1289 (Oct 12 low / Oct 18 high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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