Gold rebounds modestly from 10-day lows, trades below $1290

  • European stocks post small gains on Monday.
  • US Dollar Index stays quiet below 97.
  • Coming up: NY Fed’s Empire State Manufacturing Index.

After closing the previous week with a small $1 loss, the troy ounce of the precious metal continued to lose value in USD terms with the XAU/USD pair slumping to its lowest level in 10 days at $1285.50. As of writing, the pair was trading at $1286.55, losing nearly $4 on a daily basis.

Reports of the EU countries agreeing to start trade negotiations with the United States helped the market sentiment turn positive in the European session and allowed stock markets to gain traction while making it difficult for safe-havens such as goldfind demand. At the moment, the Euro Stoxx 50 and Germany’s DAX are both up 0.22% on the day. 

On the other hand, the US Dollar Index, which failed to hold above 97 on Friday, started the new week in a relatively calm manner and was last seen virtually unchanged on the daily chart at 96.85. Later in the session, the NY Fed’s Empire State Manufacturing Index will be looked upon for fresh impetus. Moreover, participants will be paying close attention to Wall Street’s performance to reaffirm the risk-on atmosphere.

Technical levels 

XAU/USD

OVERVIEW
Today last price 1286.54
Today Daily Change -3.86
Today Daily Change % -0.30
Today daily open 1290.4
 
TRENDS
Daily SMA20 1300.64
Daily SMA50 1306.6
Daily SMA100 1287.69
Daily SMA200 1247.52
LEVELS
Previous Daily High 1295.82
Previous Daily Low 1288.7
Previous Weekly High 1310.7
Previous Weekly Low 1288.7
Previous Monthly High 1327.8
Previous Monthly Low 1280.1
Daily Fibonacci 38.2% 1293.1
Daily Fibonacci 61.8% 1291.42
Daily Pivot Point S1 1287.46
Daily Pivot Point S2 1284.52
Daily Pivot Point S3 1280.33
Daily Pivot Point R1 1294.58
Daily Pivot Point R2 1298.77
Daily Pivot Point R3 1301.71

 

 



Bigwig Fx
Author: Bigwig Fx
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