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


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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD holds higher ground above 0.7300

AUD/USD extends gains above 0.7300 amid fresh US dollar selling across the board, as the market sentiment remains mixed starting out a fresh week.  PBOC's status-quo, upbeat Australian PM Morrison's comments and the rally in copper prices bode well for the aussie. 


USD/JPY extends losses below 104.50 amid risk-aversion

USD/JPY resumes its decline towards 104.00 amid risk-off action in the Asian equities and broad dollar weakness. Markets in Tokyo are off for Respect-for-the-Aged Day, Focus shifts to the Fed Chair Powell's speech. 


Gold due for a breakout, according to key indicator

Gold's multi-week consolidation in a narrowing price range could end with a bullish breakout, as a widely-tracked daily chart indicator is about to turn bullish. The yellow metal has carved out a descending triangle pattern over the past four weeks.

Gold News

The week ahead: Central bankers’ chance to explain themselves

Global equities took another hit at the end of last week, and as we start a fresh week there is some concern that volatility could be creeping back into the markets and that tech has lost some of its lustre, along with gold, which also ended the week lower. 

Read more

WTI buyers attack $41.00 amid US-Iran tension, escalating virus woes

WTI remains heavy below 50-day SMA, drops from $41.18 to begin the week. The energy benchmark keeps trailing 50-day SMA for over two weeks while taking clues from the US-Iran tussle and the coronavirus (COVID-19) headlines. Hopes of further stimulus, China’s optimism favor energy bulls.

Oil News