Gold stays dangerously close to 2019 lows, trades below $1280

  • US Dollar Index struggles to advance beyond 97.
  • Wall Street opens the day mixed despite upbeat earnings.
  • 10-year US T-bond yield retreats from monthly highs.

With the strong macroeconomic data releases from China boosting the risk appetite and weighing on the demand for traditional safe-havens on Wednesday, the XAU/USD pair slumped to its lowest level since late December at $1273.04.

However, as the positive market sentiment turning neutral in the early NA session, the pair started to retrace its daily drop and was last seen trading at $1275.60, losing a little more than $1 on a daily basis. Despite that change of direction, the pair stays within a touching distance of its recent low, suggesting that sellers are unwilling to lose control of the price action.

Although today's data from the U.S. showed that the trade deficit at $49.4 billion narrowed more than expected in February, the greenback couldn't grab investors' attention with the US Dollar Index staying in the negative territory below the 97 handle. 

Reflecting the change in the market mood, the 10-year US T-bond yield, which rose to its highest level since March 20 earlier today, turned negative on the day in the last hour. Additionally, major equity indexes in the U.S. started the day on a mixed note with the DJIA and the S&P 500 posting small losses and the Nasdaq Composite rising more than 0.5% in the early trade.

Technical levels to consider


Today last price 1275.89
Today Daily Change -2.38
Today Daily Change % -0.19
Today daily open 1278.27
Daily SMA20 1298.39
Daily SMA50 1305.35
Daily SMA100 1288.97
Daily SMA200 1248.32
Previous Daily High 1288.95
Previous Daily Low 1273.05
Previous Weekly High 1310.7
Previous Weekly Low 1288.7
Previous Monthly High 1327.8
Previous Monthly Low 1280.1
Daily Fibonacci 38.2% 1279.12
Daily Fibonacci 61.8% 1282.88
Daily Pivot Point S1 1271.23
Daily Pivot Point S2 1264.19
Daily Pivot Point S3 1255.33
Daily Pivot Point R1 1287.13
Daily Pivot Point R2 1295.99
Daily Pivot Point R3 1303.03



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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD steady around 1.1240 in ultra-thin holiday's trading

The EUR/USD pair bounced some 20 pips from its weekly low during the Asian session, now mute around 1.1240 with most market's off today. Softer-than-expected US housing data passed unnoticed.


GBP/USD battling around 1.3000

The GBP/USD pair is heading nowhere fast after bottoming for the week at 1.2978, amid lack of progress in Brexit negotiations.  Encouraging UK data failed to trigger Pound's demand.


USD/JPY: On track to close in the middle of its 50-pip weekly range below 112

The USD/JPY pair remains frozen below the 112 handle in the NA session and there is no reason for it to make a meaningful move as investors are already enjoying the Easter holiday.


The Tale of the Prosperous Consumer-US Retail Sales

American consumers asserted the right to spend in a grand fashion in March boosting retail sales to the fastest expansion in 18 months as the booming job market put the shutdown marked holiday season to rest.

Read more

Gold Forecast: Eyes 8-month rising trendline after weakest weekly close since December

The troy ounce of the precious metal lost around $17 this week and now looks to record its lowest weekly close since the end of December near $1275.

Gold News