Gold’s pullback from $1,737 contained at $1,717

Gold’s reversal from week highs at $1,737 finds support at $1,717.
Gold boosted by market fears about a second wave of COVID-19.
The broad-based recovery of the US dollar pulls gold prices lower.

Guillermo Alcala FXStreet

Gold futures spiked up at the European session opening on Thursday but the upside attempt has lacked follow through and the pair retreated after hitting week highs at $1,737 to find support at the $1,717 area.

XAU/USD retreats with the USD picking up

The precious metal rushed higher during the European morning time, fuelled by the mildly negative market sentiment. Investors’ concerns about the growing contagions in different US states while Beijing introduces restrictions to stem a new upbreak and the geopolitical frictions between China and India have weighed on sentiment, increasing demand for the safe-haven gold.

XAU/USD, however, has failed to confirm above the top of the recent trading range, around $1,734, and retreated to $1,720 area. The steady US dollar recovery seen during the American trading session has pushed the US Dollar Index to two-week highs taking its toll on gold prices.

Gold looking for direction around $1,720

Gold futures remain trading roughly between $1,705 and $1,740, without clear direction, for the sixth consecutive day. On the upside XAU/USD remains limited below $1,740/45 (Jun 11, 12 highs) before $1,753 (May 20 high) and 1,765 (May 18 high) On the downside, immediate support lies at $1,717 (intra-day low) and below here, $1,705 (Jun 15 low) on the way towards $1,670 (Jun 5 low).

XAU/USD key levels to watch

XAU/USD

Overview
Today last price	1723.32
Today Daily Change	-3.70
Today Daily Change %	-0.21
Today daily open	1727.02

Trends
Daily SMA20	1720.62
Daily SMA50	1714.11
Daily SMA100	1655.07
Daily SMA200	1577.73

Levels
Previous Daily High	1730.32
Previous Daily Low	1712.76
Previous Weekly High	1744.75
Previous Weekly Low	1677.73
Previous Monthly High	1765.38
Previous Monthly Low	1670.72
Daily Fibonacci 38.2%	1719.47
Daily Fibonacci 61.8%	1723.61
Daily Pivot Point S1	1716.41
Daily Pivot Point S2	1705.81
Daily Pivot Point S3	1698.85
Daily Pivot Point R1	1733.97
Daily Pivot Point R2	1740.93
Daily Pivot Point R3	1751.53

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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