Gold slips to session low, below $1420 ahead of US data


  • A positive mood around equities weighs the commodity’s safe-haven status and exerts some pressure.
  • Despite the ongoing slide in the US bond yields, the USD rebounds and adds to the intraday pullback.
  • Traders now eye US economic data for some impetus, though the focus remains on Friday’s jobs data.

Gold finally broke down of its late Asian/early European session consolidation phase and refreshed session lows, below the $1420 level in the last hour.

The precious metal failed to capitalize on its gains back closer to multi-year tops, with a combination of negative forces once again capping the positive momentum ahead of the $1440 region. Improving global risk sentiment, as depicted by a positive mood around equity markets, turned out to be one of the key factors that dented the precious metal's safe-haven status and prompted some fresh selling at higher levels.

This coupled with a modest US Dollar rebound exerted some additional downward pressure on the dollar-denominated commodity. However, persistent global trade worries - especially after the US threatened to impose tariffs on $4 billion, coupled with the ongoing downfall in the US Treasury bond yields extended some support to the non-yielding yellow metal and helped limit deeper losses, at least for the time being.

Moving ahead, Wednesday's US economic docket - featuring the releases of ADP report on private-sector employment and ISM non-manufacturing PMI, will now be looked upon for some short-term trading opportunities. The key focus, however, will remain on Friday's official US monthly jobs report (NFP), which will play an important role in determining the commodity's next leg of a directional move.

Technical levels to watch

XAU/USD

Overview
Today last price 1420.24
Today Daily Change 1.98
Today Daily Change % 0.14
Today daily open 1418.26
 
Trends
Daily SMA20 1369.38
Daily SMA50 1319.51
Daily SMA100 1310.99
Daily SMA200 1280.52
Levels
Previous Daily High 1421.15
Previous Daily Low 1382.1
Previous Weekly High 1438.66
Previous Weekly Low 1399.33
Previous Monthly High 1438.66
Previous Monthly Low 1306.18
Daily Fibonacci 38.2% 1406.23
Daily Fibonacci 61.8% 1397.02
Daily Pivot Point S1 1393.19
Daily Pivot Point S2 1368.12
Daily Pivot Point S3 1354.14
Daily Pivot Point R1 1432.24
Daily Pivot Point R2 1446.22
Daily Pivot Point R3 1471.29

 

 

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