• Gold drifts lower through the early European session on Friday.
  • Improving risk sentiment, stronger US bond yields/USD weighed.
  • The set-up warrants some caution for aggressive bearish traders.

Gold edged lower through the early European session on Friday and is currently placed near daily lows, around the $1558 region.

The precious metal continued with its struggle to capitalize on the attempted positive move and once again met with some fresh supply near the $1568 region on Thursday. The pullback extended through the early part of Friday's trading action and was fueled by a combination of negative factors.

Gold weighed down by a combination of factors

A slight recovery in the global risk sentiment, as depicted by a positive trading bias around equity markets, weighed on the precious metal's safe-haven status. The risk-on mood was evident from a pickup in the US Treasury bond yields, which further drove flows away from the non-yielding yellow metal.

Adding to this, the prevailing buying interest surrounding the US dollar also played its part in undermining demand for the dollar-denominated commodity. Despite the downtick, the commodity remained well within this week's broader trading range, warranting some caution for aggressive bearish traders.

Moving ahead, market participants now look forward to Friday's US economic docket, highlighting the release of the flash version of the US Manufacturing and Services PMI, which might provide a fresh impetus and produce some short-term trading opportunities later during the early North-American session.

Technical levels to watch


Today last price 1554.53
Today Daily Change -4.25
Today Daily Change % -0.27
Today daily open 1558.78
Daily SMA20 1544.99
Daily SMA50 1500.78
Daily SMA100 1497.64
Daily SMA200 1441.49
Previous Daily High 1559.75
Previous Daily Low 1550.4
Previous Weekly High 1562
Previous Weekly Low 1536.35
Previous Monthly High 1525.1
Previous Monthly Low 1454.05
Daily Fibonacci 38.2% 1556.18
Daily Fibonacci 61.8% 1553.97
Daily Pivot Point S1 1552.87
Daily Pivot Point S2 1546.96
Daily Pivot Point S3 1543.52
Daily Pivot Point R1 1562.22
Daily Pivot Point R2 1565.66
Daily Pivot Point R3 1571.57



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD holds higher ground above 0.7300

AUD/USD extends gains above 0.7300 amid fresh US dollar selling across the board, as the market sentiment remains mixed starting out a fresh week.  PBOC's status-quo and the rally in copper prices bode well for the aussie. 


USD/JPY extends losses below 104.50 amid risk-aversion

USD/JPY resumes its decline towards 104.00 amid risk-off action in the Asian equities and broad dollar weakness. Markets in Tokyo are off for Respect-for-the-Aged Day, Focus shifts to the Fed Chair Powell's speech. 


Gold due for a breakout, according to key indicator

Gold's multi-week consolidation in a narrowing price range could end with a bullish breakout, as a widely-tracked daily chart indicator is about to turn bullish. The yellow metal has carved out a descending triangle pattern over the past four weeks.

Gold News

The week ahead: Central bankers’ chance to explain themselves

Global equities took another hit at the end of last week, and as we start a fresh week there is some concern that volatility could be creeping back into the markets and that tech has lost some of its lustre, along with gold, which also ended the week lower. 

Read more

WTI buyers attack $41.00 amid US-Iran tension, escalating virus woes

WTI remains heavy below 50-day SMA, drops from $41.18 to begin the week. The energy benchmark keeps trailing 50-day SMA for over two weeks while taking clues from the US-Iran tussle and the coronavirus (COVID-19) headlines. Hopes of further stimulus, China’s optimism favor energy bulls.

Oil News