Gold trades with modest gains, around $1555 region

Gold regains some positive traction on the last trading day of the week.
The prevailing risk-on mood, positive US bond yields seemed to cap gains.

Haresh Menghani FXStreet

Gold edged higher on the last trading day of the week and is currently placed near the top end of its three-day-old trading range, around the $1555-56 region.

The precious metal regained some positive traction on Friday and was being supported by some scepticism over the long-awaited phase one trade deal between the world's two largest economies.

Downside seems limited

Given that the US levies on around $360 billion worth of Chinese products remain unchanged, doubts the two sides can maintain a cordial relationship extended some support to the commodity.

This coupled with the fact that risks to the global economic growth remain firmly in place might continue to underpin the precious metal's perceived safe-haven status and help limit any deeper losses

However, the prevailing risk-on mood – reinforced by a goodish pickup in the US Treasury bond yields – turned out to be the only factor keeping a lid on any runaway rally for the non-yielding yellow metal.

Moving ahead, Friday's second-tier US economic releases might influence the US dollar price dynamics and produce some meaningful trading opportunities around the dollar-denominated commodity.

Technical levels to watch

XAU/USD

Overview
Today last price	1555.4
Today Daily Change	1.54
Today Daily Change %	0.10
Today daily open	1553.86

Trends
Daily SMA20	1531.14
Daily SMA50	1492.81
Daily SMA100	1496.79
Daily SMA200	1436.05

Levels
Previous Daily High	1558.15
Previous Daily Low	1548.3
Previous Weekly High	1611.3
Previous Weekly Low	1540.3
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1552.06
Daily Fibonacci 61.8%	1554.39
Daily Pivot Point S1	1548.72
Daily Pivot Point S2	1543.59
Daily Pivot Point S3	1538.87
Daily Pivot Point R1	1558.57
Daily Pivot Point R2	1563.29
Daily Pivot Point R3	1568.42

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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