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.

Haresh Menghani FXStreet

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

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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