Gold steadily climbs to session tops, back closer to $1430 area


  • Reviving safe-haven demand helped regain some positive traction on Thursday.
  • The prevalent USD buying interest/US-China trade optimism might cap further gains.
  • Traders now look forward to the US durable goods orders data for a fresh impetus.

Gold reversed an early dip during the Asian session on Thursday and climbed to fresh session tops, around the $1427 region in the last hour.

News that North Korea fired two short-range missiles into the sea early on Thursday helped revive the precious metal's safe-haven demand and turned out to be one of the key factors behind the intraday uptick. 

However, the prevalent bullish sentiment surrounding the US Dollar, coupled with a positive trade-related development kept a lid on any strong follow-through move for the dollar-denominated commodity.

It is worth reporting that China’s Commerce Ministry confirmed earlier this Thursday that top US negotiators will meet their Chinese counterparts and resume in-person trade talks in Beijing on July 31-August 1.

This coupled with the fact that investors have been scaling back expectations of a 50 bps rate cut by the Fed at its upcoming meeting might further collaborate towards capping gains for the non-yielding yellow metal.

Hence, it will be prudent to wait for a strong follow-through buying beyond weekly swing high resistance near the $1430 region before traders start positioning for any further near-term appreciating move for the commodity.

Later during the early North-American session, the US economic docket - highlighting the release of durable goods orders data, might influence the USD price dynamics and assist traders to grab some short-term opportunities.

Technical levels to watch

XAU/USD

Overview
Today last price 1426.78
Today Daily Change 0.94
Today Daily Change % 0.07
Today daily open 1425.84
 
Trends
Daily SMA20 1413.79
Daily SMA50 1361.7
Daily SMA100 1326.78
Daily SMA200 1296.4
Levels
Previous Daily High 1429.3
Previous Daily Low 1416.43
Previous Weekly High 1452.72
Previous Weekly Low 1400.2
Previous Monthly High 1438.66
Previous Monthly Low 1306.18
Daily Fibonacci 38.2% 1424.38
Daily Fibonacci 61.8% 1421.35
Daily Pivot Point S1 1418.41
Daily Pivot Point S2 1410.99
Daily Pivot Point S3 1405.54
Daily Pivot Point R1 1431.28
Daily Pivot Point R2 1436.72
Daily Pivot Point R3 1444.15

 

 

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

Take advantage of market volatility with our daily Forex, Crypto and Indices Trade Ideas!

Become Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds on to weekly gains, aims to 1.2100

EUR/USD pressures this week high at 1.2079 after the EU services sector moved back into expansion territory according to Markit, the first time since August.

EUR/USD News

GBP/USD extends decline towards the 1.3800 price zone

Upbeat UK data fell short of boosting the pound, hurt by Brexit jitters in Ireland. US macroeconomic figures making the difference in the dollar’s favor.

GBP/USD News

Bitcoin, Ethereum and XRP plummet, breaching critical support levels

Bitcoin price has dropped 12.7% since yesterday and shows no signs of stopping. Ethereum price follows the pioneer crypto’s lead and might retest $2,000 again. Unlike BTC or ETH, XRP price shows signs of recovery as long as it stays above a critical demand zone.

Read more

XAU/USD drops below $1,780 area as US T-bond yields rebound

Gold lost its traction after climbing toward $1,800 on Friday. 10-year US Treasury bond yield is up nearly 2%. Latest PMI data from US underlined strong price pressures.

Gold News

Bionano Genomics Inc runs into technical resistance, put options may work here

BNGO shares have continued to suffer post the retail meme crowd moving on. BNGO shares bounce from lows as DeMark buy signal flashes on Monday. BNGO shares trend up to resistance at 100 day moving average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures