Gold turns lower for the day, remains confined in a range above $1550 level


  • 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

XAU/USD

Overview
Today last price 1555.73
Today Daily Change -3.05
Today Daily Change % -0.20
Today daily open 1558.78
 
Trends
Daily SMA20 1544.99
Daily SMA50 1500.78
Daily SMA100 1497.64
Daily SMA200 1441.49
 
Levels
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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