Gold steadily climbs back closer to 2-week tops, around $1630 region

  • Gold reversed an early dip to sub-$1600 levels amid persistent USD selling bias.
  • The Fed Chair Powell’s comments further dented sentiment around the greenback.
  • The prevailing cautious mood provided an additional boost to the precious metal.

Gold reversed an early dip to sub-$1600 levels and jumped to fresh session tops, around the $1629-30 region during the early North-American session

A combination of supporting factors assisted the precious metal to catch some fresh bids on Thursday and stall its pullback from over two-week tops set in the previous session. The early downtick remained cushioned amid persistent US dollar selling bias, which tends to underpin demand for the dollar-denominated commodity.

Against the backdrop of the Fed's unlimited QE, the greenback was further weighed down by the Fed Chair Jerome Powell's statement on Thursday. In an interview on NBC Today, Powell said that the US central bank still has room for more action to combat coronavirus crisis and provided a modest lift to the non-yielding yellow metal.

The bearish pressure surrounding the buck remained unabated following the release of awful US initial weekly jobless claims data. This coupled with the prevailing cautious mood around equity markets, despite a massive $2 trillion US stimulus package, provided an additional boost to the precious metal's perceived safe-haven status.

Given that investors remained concerns over an imminent global recession in wake of the coronavirus pandemic, the commodity seems more likely to build on its recent recovery from the $1450 strong horizontal support, or YTD lows set on March 16.

Technical levels to watch


Today last price 1623.98
Today Daily Change 6.92
Today Daily Change % 0.43
Today daily open 1617.06
Daily SMA20 1589.67
Daily SMA50 1585.78
Daily SMA100 1538.44
Daily SMA200 1506.95
Previous Daily High 1638.28
Previous Daily Low 1598.21
Previous Weekly High 1561
Previous Weekly Low 1451.3
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1613.52
Daily Fibonacci 61.8% 1622.97
Daily Pivot Point S1 1597.42
Daily Pivot Point S2 1577.78
Daily Pivot Point S3 1557.35
Daily Pivot Point R1 1637.49
Daily Pivot Point R2 1657.92
Daily Pivot Point R3 1677.56



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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

AUD/USD drops back towards 0.6200 on RBA's FSR

Australian dollar ran through fresh offers on the RBA’s Financial Stability Review (FSR), as it highlighted the elevated risks to the economy due to the coronavirus outbreak. AUD/USD drops sharply towards 0.6200, having faced rejection near 0.6250. 


USD/JPY holds in neutral territory awaiting Fed's Powell

USD/JPY has been holding in consolidation and ranged sideways between 108.60 and 109.10 overnight. Fed's Powell and US jobs will be the final scheduled catalysts for the holiday-shortened week.


WTI: On the front foot above weekly resistance-turned-support

WTI nears the weekly top after breaking the short-term resistance line, now support. A sustained run-up could aim to fill the March month’s gap. 50% Fibonacci retracement, 200-HMA restrict near-term declines.

Oil News

Gold is consolidated in the $1640s in wind-down markets ahead of Fed's Powell

The markets are quieter in Asia following a strong performance on Wall Street with US stocks bouncing back from the prior session's lows. Gold has moved into consolidation between $1,647.60 and $1,650.

Gold News

What to expect from OPEC and G20

Equities and currencies traded higher today after Dr. Fauci, the US’ Director of National Institute of Allergy and Infectious Diseases said there could be a COVID-19 turnaround next week.

Read more