- Gold fails to benefit from reviving safe-haven demand on Thursday.
- Bulls even shrug off weaker US bond yields, subdued USD demand.
Gold failed to capitalize on the early uptick to the $1564 area and has now drifted into the negative territory, albeit remained well within this week's broader trading range.
Following the overnight modest intraday rebound from the $1550 region, fears over the outbreak of coronavirus in China continued weighing on the risk sentiment and provided a minor lift to the precious metal's perceived safe-haven status.
Bulls still seemed reluctant
The global flight to safety was reinforced by a modest pullback in the US Treasury bond yields but did little provide any additional boost. The non-yielding yellow metal quickly ran into some fresh supply and refreshed session lows in the last hour.
Even a subdued US dollar price action failed to impress bullish traders, though might turn out to be the only factor that might extend some support to the dollar-denominated commodity and help limit deeper losses, at least for the time being.
In absence of any major market-moving economic releases from the US, the broader market risk sentiment and the ECB-led volatility in the market might provide some impetus and assist traders to grab some short-term opportunities on Thursday.
Technical levels to watch
|Today last price||1555.73|
|Today Daily Change||-3.05|
|Today Daily Change %||-0.20|
|Today daily open||1558.78|
|Previous Daily High||1559.75|
|Previous Daily Low||1550.4|
|Previous Weekly High||1562|
|Previous Weekly Low||1536.35|
|Previous Monthly High||1525.1|
|Previous Monthly Low||1454.05|
|Daily Fibonacci 38.2%||1556.18|
|Daily Fibonacci 61.8%||1553.97|
|Daily Pivot Point S1||1552.87|
|Daily Pivot Point S2||1546.96|
|Daily Pivot Point S3||1543.52|
|Daily Pivot Point R1||1562.22|
|Daily Pivot Point R2||1565.66|
|Daily Pivot Point R3||1571.57|
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