Gold steadily climbs to $1310 area amid notable USD supply

   •  The USD struggles to build on the overnight gains and helps regain traction.
   •  The prevalent risk-on mood/US-China trade optimism might cap strong gains.
   •  Traders now look forward to the US economic data for some fresh impetus.

Gold edged higher through the early European trading session and is currently placed at the top end of its daily trading range, just below $1310 level. 

The precious metal managed to regain positive traction on Thursday and recovered a part of the previous session’s rejection slide from the $1315 supply zone, albeit remained well within this week's broader trading range.

The US Dollar struggled to capitalize on the overnight gains, supported by slightly better than expected US core CPI figures, and was seen as one of the key factors providing a minor lift to the dollar-denominated commodity.

The uptick, however, is likely to remain capped in wake of the prevalent risk-on mood, following more positive news on the US-China trade front, which tends to dampen the precious metal's relative safe-haven status.

On Thursday, a Bloomberg report indicated that the US President Donald Trump is considering extending the March 1 tariff deadline by 60 days. Hence, the key focus will remain on the outcome of US-China trade negotiations on Thursday and Friday.

In the meantime, today's US economic docket, highlighting the release of monthly retail sales data and PPI print, might influence the USD price dynamics, which coupled with the broader market risk-sentiment, might contribute towards producing some meaningful trading opportunities.

Technical levels to watch

Any subsequent up-move might continue to confront stiff resistance near the $1315-16 region, above which the commodity is likely to aim towards testing $1321 supply zone en-route multi-month tops, around the $1326 level.

On the flip side, the $1305-04 region now seems to have emerged as immediate support and is closely followed by the key $1300 psychological mark, which if broken might prompt some additional weakness towards $1295-94 support area.
 

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 struggling at the lows ahead of US GDP

EUR/USD is trading in the low 1.1100s, consolidating its losses. Markets are stalling ahead of the all-important US GDP report which carries high expectations. Some suspect a "sell the fact" response in reaction to an OK number.

EUR/USD News

GBP/USD recaptures 1.2900 amid the Brexit impasse, ahead of US GDP

GBP/USD is trading slightly above 1.2900, recovering the lost ground after hitting two-month lows. The Brexit impasse weighs as the main parties have not made progress. The anticipation to US GDP limits movements.

GBP/USD News

USD/JPY oscillates in a range above mid-111.00s, key US GDP report awaited

The USD/JPY pair failed to capitalize on the intraday bounce and quickly retreated around 15-20 pips from daily tops touched during the Asian session.

USD/JPY News

US First Quarter GDP Preview: Reasons to be cheerful

US economic growth forecast to be stable in the first quarter. Improved consumer attitudes and retail sales give reason for optimism. Labor market key to economic growth.

Read more

Gold climbs to 1-1/2 week tops, back above $1280 level ahead of US GDP

Gold edged higher on the last trading day of the week and jumped back above $1280 level, just above over one-week tops set in the previous session.

Gold News

Majors

Cryptocurrencies

Signatures