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Gold rebounds from 2-week lows

Gold rebounds from 2-week lows

gold

Gold edged higher through the early European session on Tuesday and is currently placed near the top end of its daily trading range, around the $1458-59 region.

A combination of supporting factors helped the precious metal to reverse an early dip to fresh two-week lows, around the $1451 region. The commodity turned positive for the day, snapping four consecutive days of losing streak, and has now recovered a major part of the overnight downfall.

Reviving safe-haven demand helped gain some traction

As investors looked past the recent positive US-China trade-related headlines, a softer tone around equity markets underpinned demand for traditional safe-haven assets. Reviving safe-haven demand helped the commodity to stall its recent downfall back closer to multi-month lows, tested earlier this month.

The prevalent cautious mood was further reinforced by a pullback in the US Treasury bond yields, which further drove flows towards the non-yielding yellow metal. Meanwhile, a subdued US dollar demand did little to hinder the intraday recovery move for the dollar-denominated commodity.

It, however, remains to be seen if the commodity is able to capitalize on the momentum or the attempted recovery move is still seen as a selling opportunity. Renewed hopes for a partial US-China trade deal might eventually turn out to be one of the key factors capping any strong gains.

Moving ahead, the US economic docket – featuring the release of the Conference Board’s Consumer Confidence Index and Richmond Manufacturing Index – will now be looked upon for some meaningful trading opportunities later during the North-American session on Tuesday.

See Also
July Moyo

Technical levels to watch

XAU/USD

OVERVIEW
Today last price1457.6
Today Daily Change2.62
Today Daily Change %0.18
Today daily open1454.98
TRENDS
Daily SMA201476.85
Daily SMA501489.37
Daily SMA1001482.95
Daily SMA2001398.87
LEVELS
Previous Daily High1462.58
Previous Daily Low1454.1
Previous Weekly High1478.86
Previous Weekly Low1456.54
Previous Monthly High1519.04
Previous Monthly Low1455.5
Daily Fibonacci 38.2%1457.34
Daily Fibonacci 61.8%1459.34
Daily Pivot Point S11451.86
Daily Pivot Point S21448.74
Daily Pivot Point S31443.37
Daily Pivot Point R11460.34
Daily Pivot Point R21465.71
Daily Pivot Point R31468.83

 

 

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