Gold steadily climbs back above $1560 level

Gold edges higher for the second straight session on Thursday.
The upside seemed unaffected by the prevailing risk-on mood.
Surging US bond yields, stronger USD failed to impress bears.

Haresh Menghani FXStreet

Gold edged higher through the early European session on Thursday and is currently placed near the top end of its daily trading range, just above the $1560 region.

Following the previous session's two-way price moves and an early dip this Thursday, the precious metal managed to catch some fresh bids and traded with a mild positive bias for the second consecutive session.

Bulls shrug off a combination of negative factors

The uptick seemed rather unaffected by improving global risk sentiment, led by some positive developments in the coronavirus saga and which tends to undermine demand for traditional safe-haven assets.

The risk-on mood-led follow-through positive momentum in the US Treasury bond yields also did little to impress bearish traders or prompt any fresh selling around the non-yielding yellow metal.

Bulls even shrugged off the prevailing bullish sentiment surrounding the US dollar, which remained supported by the incoming positive domestic data and tends to weigh on the dollar-denominated commodity.

Hence, the uptick could be attributed to some technical buying, all against the backdrop of the overnight rebound from the $1550-48 support area, warranting some caution for bullish traders.

Technical levels to watch

XAU/USD

Overview
Today last price	1563.05
Today Daily Change	6.03
Today Daily Change %	0.39
Today daily open	1557.02

Trends
Daily SMA20	1563.42
Daily SMA50	1522.01
Daily SMA100	1504.91
Daily SMA200	1456.19

Levels
Previous Daily High	1562.46
Previous Daily Low	1547.56
Previous Weekly High	1589.79
Previous Weekly Low	1563.46
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1556.77
Daily Fibonacci 61.8%	1553.25
Daily Pivot Point S1	1548.9
Daily Pivot Point S2	1540.78
Daily Pivot Point S3	1534
Daily Pivot Point R1	1563.8
Daily Pivot Point R2	1570.58
Daily Pivot Point R3	1578.7

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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