Gold slides to multi-day lows, below $1570

The safe-haven gold was undermined by improving risk sentiment.
A pickup in the US bond yields, strong USD added to the selling bias.

Haresh Menghani FXStreet

Gold edged lower for the second straight day and dropped to four-day lows, levels just below the $1570 region during the early European session on Tuesday.

The safe-haven commodity extended the previous session's retracement slide from near four-week tops and continues to be weighed down a strong recovery in the global risk sentiment.

Gold weighed down by a combination of factors

Efforts by the People’s Bank of China to cushion the economic impact from the outbreak of the deadly coronavirus and pledge to do more helped boost investors' appetite for perceived riskier assets.

This was evident from a positive mood around equity markets and reinforced by a goodish pickup in the US Treasury bond yields, which further drove flows away from the non-yielding yellow metal.

Meanwhile, the US dollar was being supported by Monday's stronger-than-expected rebound in the US ISM Manufacturing PMI and was also cited as a headwind for the dollar-denominated commodity.

It will now be interesting to see if the commodity is able to attract any buying interest at lower levels or continues with its corrective slide amid absent relevant market-moving US economic releases.

Technical levels to watch

XAU/USD

Overview
Today last price	1569.02
Today Daily Change	-7.39
Today Daily Change %	-0.47
Today daily open	1576.41

Trends
Daily SMA20	1564.43
Daily SMA50	1518.12
Daily SMA100	1503.74
Daily SMA200	1453.45

Levels
Previous Daily High	1594.01
Previous Daily Low	1569.33
Previous Weekly High	1589.79
Previous Weekly Low	1563.46
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1578.76
Daily Fibonacci 61.8%	1584.58
Daily Pivot Point S1	1565.82
Daily Pivot Point S2	1555.24
Daily Pivot Point S3	1541.14
Daily Pivot Point R1	1590.5
Daily Pivot Point R2	1604.6
Daily Pivot Point R3	1615.18

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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