Gold retreats from near 1-month tops, slide further below $1300 mark


   •  Trump’s positive trade-related comments prompt some profit-taking.
   •  Improving risk sentiment dampens the commodity’s safe-haven status.
   •  A subdued USD demand might help limit the downside, at least for now.

Gold failed to capitalize on the early uptick to near one-month tops and was now seen retreating farther below the key $1300 psychological mark. 

Currently placed at the lower end of its daily trading range, around the $1297 region, the precious metal has now eroded a part of the previous session's goodish up-move that came after China announced a retaliatory tariff-hike on $60 billion worth of US goods.

However, some positive comments by the US President Donald Trump, saying that he feels the Chinese trade negotiations will be successful, helped eased concerns about a full-blown US-China trade war and dampened the precious metal safe-haven status.

This coupled with a modest uptick in the US Treasury bond yields further collaborated towards driving flows away from the non-yielding yellow metal, albeit a subdued US Dollar price action might lend some support to the dollar-denominated commodity and helped limit deeper losses.

There aren't any major market moving US economic releases due on Tuesday and hence, the broader market risk sentiment might continue to play a key role in influencing the commodity's price action/produce some short-term trading opportunities.

Technical levels to watch

XAU/USD

Overview
Today last price 1297.38
Today Daily Change -3.94
Today Daily Change % -0.30
Today daily open 1301.32
 
Trends
Daily SMA20 1280.42
Daily SMA50 1291.45
Daily SMA100 1296.12
Daily SMA200 1256.03
Levels
Previous Daily High 1301.32
Previous Daily Low 1282.16
Previous Weekly High 1291.45
Previous Weekly Low 1275.1
Previous Monthly High 1310.7
Previous Monthly Low 1265.6
Daily Fibonacci 38.2% 1294
Daily Fibonacci 61.8% 1289.48
Daily Pivot Point S1 1288.55
Daily Pivot Point S2 1275.77
Daily Pivot Point S3 1269.38
Daily Pivot Point R1 1307.72
Daily Pivot Point R2 1314.11
Daily Pivot Point R3 1326.89

 

 

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 extends gains to 1.1200 on sliding US yields, weak data

EUR/USD is trading close to 1.1200, in the wake of the European session as US yields continue falling. The European Parliament elections are in play. US durable goods fell short of expectations with -2.1%. 

EUR/USD News

GBP/USD off the highs as May announces stepping down on June 7th

GBP/USD is trading below 1.2700 after a quick rise to the upside as UK PM Theresa May announced she will step down on June 7th with Boris Johnson set to take over.

GBP/USD News

USD/JPY extends slide and looks for a test of May’s low

The USD/JPY pair dropped further ahead of the London fix on the back of a decline of the US Dollar across the board and a pullback in equity prices. 

USD/JPY News

Gold: Bullish flag pattern spotted on 1-hourly chart

The lower end of the descending trend-channel coincides with 200-hour EMA support and should act as a key pivotal point for intraday traders. 

Gold News

The market may surprise on the upside in the next few hours with BTC/USD topping $8,250

We reach the end of a week can be characterized as a week of transition. After the strongly bullish days of the beginning of the month, cryptos have reached critical levels of resistance...

Read more

Majors

Cryptocurrencies

Signatures