- 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
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).
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD extends slide below 1.1350 on renewed USD strength
EUR/USD extends its daily slide and trades below 1.1350 in the American session on Friday. Renewed US Dollar strength on growing optimism about a de-escalation of the US-China trade war makes it difficult for the pair to hold its ground heading into the weekend.
GBP/USD consolidates losses near 1.3300 after UK Retail Sales data
GBP/USD remains under moderate selling pressure near 1.3300 despite the upbeat UK Retail Sales data for March. The pair feels the heat of the solid US Dollar rebound, aided by latest headlines hinting at a softening rhetoric in the ongoing US-China trade conflict.
Gold drops toward $3,250 as market mood improves
Gold turns south following Thursday's rebound and declines toward $3,250 on Friday. The bearish pressure builds up as market mood improves on growing optimism about a de-escalation of the US-China trade conflict after US President Trump hinted at the beginning of negotiations.
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
Ethereum saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.