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

 

 

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