Gold remains resilient against USD despite improved sentiment

Eren Sengezer FXStreet

The precious metal stays in a relatively narrow trading range on Thursday, ignoring the increasing risk appetite. As of writing, the XAU/USD pair was trading at $1281, up 0.09% or 1$ on the day.

On Thursday, the fact that the JPY weakened against its rivals amid BoJ Governor Kuroda's comments may have directed investors who look for a safe-haven towards Gold, helping the yellow metal stay resilient against the greenback. Furthermore, the US Dollar Index couldn't move back into the positive area although it was able to take back its daily losses during the NA session. In the last few hours, the DXY has been moving sideways around 99.70, where it started the day.

Tomorrow will be the last trading day before the presidential election in France (Sunday) and Gold could continue to find demand as a safer alternative if investors want to stay away from possible sharp fluctuations in currencies.

Technical outlook

Above $1290 (Wednesday's high), XAU/USD could aim for $1295 (Monday's high) and $1300 (psychological level). To the downside, supports could be seen at $1276 (daily low) ahead of $1272 (Apr. 12 low) and $1261 (Apr. 4 high).

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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