Gold surges through $1350 level, highest since April 2018


  • US-China trade tensions continue to benefit the commodity’s safe-haven status.
  • Fed rate cut bets, weaker bond yields, subdued USD demand remained supportive.
  • Technical buying on above $1248 area further accelerates the positive momentum.

Gold caught some aggressive bids in the last hour and surged to the highest level since April 2018, around the $1358 region.

The precious metal added to its recent strong gains, with a combination of supporting factors fueling the ongoing positive momentum for the third consecutive session on Friday.

Against the backdrop of growing concerns over a further escalation in trade tensions between the world's two largest economies, the precious metal has been attracting safe-haven flows.

This coupled with the fact that the Fed is likely to cut interest rates by the end of this year further benefitted the non-yielding yellow metal and collaborated to the ongoing positive momentum.

Moreover, the US Dollar remained on the defensive amid a weaker tone surrounding the US Treasury bond yields and remained supportive of the strong bid tone around the dollar-denominated commodity.

Meanwhile, possibilities of some heavy trading stops being triggered on a sustained move beyond the $1348 region (previous yearly high) seemed to be a key trigger behind the latest of a sudden spike.

Hence, it would be prudent to wait for a strong follow-through movement in order to confirm that the current up-move is backed by any genuine buying and marks a fresh near-term bullish breakout.

Technical levels to watch

XAU/USD

Overview
Today last price 1355.78
Today Daily Change 13.40
Today Daily Change % 1.00
Today daily open 1342.38
 
Trends
Daily SMA20 1304.74
Daily SMA50 1293.1
Daily SMA100 1300.67
Daily SMA200 1268.06
Levels
Previous Daily High 1343.2
Previous Daily Low 1332.48
Previous Weekly High 1348.12
Previous Weekly Low 1306.18
Previous Monthly High 1306.9
Previous Monthly Low 1266.35
Daily Fibonacci 38.2% 1339.1
Daily Fibonacci 61.8% 1336.58
Daily Pivot Point S1 1335.5
Daily Pivot Point S2 1328.63
Daily Pivot Point S3 1324.78
Daily Pivot Point R1 1346.22
Daily Pivot Point R2 1350.07
Daily Pivot Point R3 1356.94

 

 

 

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: positive mood could prevent the collapse

The shared currency has remained under selling pressure on Friday, amid mounting speculation the ECB will announce a larger-than-anticipated stimulus package next September. EUR/USD capped by a Fibonacci resistance at 1.1110, yearly low at risk.

EUR/USD News

GBP/USD: economic disruption on a no-deal Brexit to weigh on Sterling

The GBP/USD pair has closed the week with gains, a handful of pips below the 1.2150 level. The Pound advanced for a third consecutive day, helped by some headlines indicating that Jeremy Corbyn, has been in talks with the Scottish National Party.

GBP/USD News

USD/JPY: short-term advance to be capped by long-term jitters

The USD/JPY has recovered some ground these last few days, to close the week at 106.35. Still, it posted a lower low and a lower high when compared to the previous week, as the Yen benefited from its safe-haven condition on mounting concerns about a US recession. 

USD/JPY News

Gold gives back territory towards a 23.6% retracement

Gold prices were a touch lower by the end of the week, falling -0.68% having travelled between a high of $1,528.00 to a low of $1,503.87, ending the NY session around $1,513. 

Gold News

Four Signs of A Bear Market

I am a believer that the Universe gives you signs. That may sound a bit crazy, but these three charts are three more signs of a bear market. The top chart is the GLD exchange traded fund.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •