Gold trades with modest losses, around $1290 level amid US-China trade optimism


   •  The risk-on mood continues to dent the commodity’s perceived safe-haven status.
   •  Steady USD fails to lend any support; dovish Fed expectations to limit downside.

Gold prices slipped for the second consecutive session, albeit remained well within a broader trading range held over the past one week or so.

A report that the US is considering easing tariffs on Chinese products boosted investors' appetite for riskier assets and triggered a later rally in the US equity markets. This coupled with the market stance of a diminishing hard Brexit risk further dented the precious metal's relative safe-haven status. 

Meanwhile, the US Dollar remained support by Thursday's upbeat US economic data - initial jobless claims and Philly Fed manufacturing index and did little to lend any support to the dollar-denominated commodity. However, dovish Fed expectations might continue to limit the downside for the non-yielding yellow metal.

Summing it all, the combination of diverging forces might fail to provide any meaningful directional impetus amid absent relevant market moving economic releases, with any attempted up-move seems more likely to remain capped ahead of the key $1300 psychological mark in the near-term.

Technical levels to watch

XAU/USD

Overview:
    Today Last Price: 1290.16
    Today Daily change: -173 pips
    Today Daily change %: -0.134%
    Today Daily Open: 1291.89
Trends:
    Daily SMA20: 1282.63
    Daily SMA50: 1251.02
    Daily SMA100: 1232.26
    Daily SMA200: 1228.87
Levels:
    Previous Daily High: 1295.45
    Previous Daily Low: 1288.95
    Previous Weekly High: 1297.15
    Previous Weekly Low: 1279.35
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Daily Fibonacci 38.2%: 1291.43
    Daily Fibonacci 61.8%: 1292.97
    Daily Pivot Point S1: 1288.74
    Daily Pivot Point S2: 1285.6
    Daily Pivot Point S3: 1282.24
    Daily Pivot Point R1: 1295.24
    Daily Pivot Point R2: 1298.6
    Daily Pivot Point R3: 1301.74

 

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