Gold stalls recovery from two-week lows near $1545

Gold recovers the $1540 handle but further upside appears capped.
US dollar strength, trade deal optimism and strong Chinese data weigh.
All eyes remain on the US CPI data for fresh trading impulse.

Dhwani Mehta FXStreet

Having found support once again near $1536 region, Gold (XAU/USD) attempted a tepid recovery over the last hours, only to face rejection just ahead of the 1545 handle.

Gold prices reached two-week lows in Asia after the risk-on sentiment dominated, in light of stronger-than-expected Chinese Trade data and US-China goodwill gestures amid an imminent signing of a preliminary US-China trade deal.

However, the prices managed to recover some ground as the risk-on mood evaporated in the European session, with S&P 500 futures down 0.20% and US Treasury yields seeing some aggressive selling across the curve.

Focus on US CPI for the next direction

The yellow metal, currently, posts small losses, with the upside attempts capped by a pick-up in demand for the US dollar across the board. The love for the US currency appears to have returned amid expectations that the US Consumer Price Index (CPI) will rise to 15-month highs of 2.3% YoY in December vs. +2.1% booked in November.

Gold Technical levels to consider

XAU/USD

Overview
Today last price	1543.3
Today Daily Change	-5.16
Today Daily Change %	-0.33
Today daily open	1548.76

Trends
Daily SMA20	1519.83
Daily SMA50	1488.54
Daily SMA100	1496.31
Daily SMA200	1432.29

Levels
Previous Daily High	1562
Previous Daily Low	1546.59
Previous Weekly High	1611.3
Previous Weekly Low	1540.3
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1552.48
Daily Fibonacci 61.8%	1556.11
Daily Pivot Point S1	1542.9
Daily Pivot Point S2	1537.04
Daily Pivot Point S3	1527.49
Daily Pivot Point R1	1558.31
Daily Pivot Point R2	1567.86
Daily Pivot Point R3	1573.72

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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