Gold turns positive, S&P 500 futures trims gains

  • Gold is reporting marginal gains, eyes bullish breakout.
  • S&P 500 futures have trimmed gains, China A-shares index drops 2.5 percent.

Currently, Gold (XAU/USD) is trading at $1,347, having clocked a low of $1,342 earlier today.

The yellow metal opened below Friday's close of $1,345.20 as the risk assets found bids as the US-led strikes on Syria did not invite retaliatory action from Russia.

The S&P 500 futures rose 0.6 percent earlier today. Also, the stock markets in Japan and Australia reported moderate gains. However, Chinese stocks have begun the day on a negative note. China's A-share index is down 2.3 percent.

It appears the S&P 500 futures have trimmed gains (currently up 0.25 percent), tracking the decline in the Chinese stocks. The yellow metal may pick up bid if the S&P 500 futures go negative. Further, a weaker-than-expected US retail sales figure could weigh over the US dollar and help gold gain altitude.

That said, what bulls need is a convincing break above $1,380 - a move that could yield a near 90-degree rally to $1,480 - $1,500.

Gold Technical Levels

A break above $1,357 (March 27 high) would expose resistance lined up at $1,361.76 (Feb. 16 high) and $1,365.29 (April 11 high). On the other hand, an hourly close below $1,339.82 (10-day MA) could yield a pullback to $1,331.07 (50-day MA) and $1,325.69 (100-day MA).

15M Bearish Neutral Shrinking
1H Bullish Overbought Low
4H Bullish Neutral Low
1D Neutral Shrinking
1W Neutral Shrinking


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.