- Gold ends the week on its lows as the market is off the 2019 highs.
- The level to beat for bears is the 1,485 support level.
Gold daily chart
The yellow metal is trading in a bull trend above its main daily simple moving averages (SMAs). The market is challenging the 1,485 support above the 50 SMA. A break below the level can open the doors to a selloff towards the 1,400 figure.
The first level of resistance is likely the 1,520.00 resistance followed by 1,560 near the 2019 high.
Additional key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD holds onto gains near 1.0800 Premium
EUR/USD reached its highest level in two weeks at 1.0786 on Thursday, boosted by a weaker US Dollar across the board. The Greenback came under pressure after weak employment data. The pair remains above 1.0750 and is looking at 1.0800.
GBP/USD posts highest close in a month above 1.2550
GBP/USD gained more than a hundred pips on Thursday on the back of a weaker US Dollar, which was hit by weak US employment data. An improvement in risk sentiment also helped the Pound. EUR/GBP posted its lowest daily close since December.
Gold: XAU/USD pressures highs around $1,970 Premium
XAU/USD posted a nice comeback after bottoming at $1,939.66 a troy ounce on Thursday, a fresh weekly low. The US Dollar traded with a soft tone since the beginning of the day but turned frankly negative within American trading hours.
Optimism price could rally 50% as network upgrade inspires new wave of OP adoption
Optimism price appears to have found support after a new buyer congestion zone came into effect to prevent the free fall. Accordingly, the Ethereum Layer 2 token is trading horizontally, giving bulls time to accumulate OP at affordable rates.
MULN still bottomless, slide reaches $0.50
Mullen Automotive (MULN) stock is trading at $0.5050 on Thursday pre-market trading at the time of writing, which would set a new all-time when Wall Street opens its session.