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


Today last price 1426.78
Today Daily Change 0.94
Today Daily Change % 0.07
Today daily open 1425.84
Daily SMA20 1413.79
Daily SMA50 1361.7
Daily SMA100 1326.78
Daily SMA200 1296.4
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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD pierces 1.1655 resistance as firmer sentiment weighs on USD

EUR/USD is holding higher ground above 1.1650 ahead of the German IFO survey. Weaker US Treasury yields, risk reset weigh on US dollar. ECB, US GDP in focus but China headlines, Fed tapering concerns will lead the sentiment.


GBP/USD jumps towards 1.3800 amid Brexit hopes, weaker dollar

GBP/USD is advancing towards 1.3800, snapping a two-day downtrend as the US dollar loses ground amid an improving risk tone. UK's Frost hints at compromise on Northern Ireland’s post-Brexit trade rules. BOE-speak, China news in focus. 


Gold hovers around $1,800 amid softer USD

Gold trades with gains on Monday, extending the previous week’s upside momentum. The yellow metal posts the gains for the fifth straight session. The US benchmark 10-year Treasury yields trade below 1.65%, with 0.78% losses, enhancing non-yielding bullion’s appeal.

Gold News

SafeMoon price presents a buy opportunity before 35% gains

SafeMoon price coils up under a crucial resistance level at $0.00000239. A sudden burst in buying pressure that shatters this barrier can kick-start a 35% ascent. In some cases, SAFEMOON could pull back to $0.00000198 or $0.00000175 support floors.

Read more

Wall Street Week Ahead: Huge week of earnings ahead AAPL, MSFT, GOOGL, AMZN, FB

Equity markets remain elevated with more all-time highs on Thursday for the broader S&P 500 while the Dow registered new highs on Wednesday and Thursday. So far late into Friday's session, the markets are seeing some profit-taking to end a solid week.

Read more