- November 27, 2019
- Posted in LOCAL
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.
Technical levels to watch
|Today last price||1457.6|
|Today Daily Change||2.62|
|Today Daily Change %||0.18|
|Today daily open||1454.98|
|Previous Daily High||1462.58|
|Previous Daily Low||1454.1|
|Previous Weekly High||1478.86|
|Previous Weekly Low||1456.54|
|Previous Monthly High||1519.04|
|Previous Monthly Low||1455.5|
|Daily Fibonacci 38.2%||1457.34|
|Daily Fibonacci 61.8%||1459.34|
|Daily Pivot Point S1||1451.86|
|Daily Pivot Point S2||1448.74|
|Daily Pivot Point S3||1443.37|
|Daily Pivot Point R1||1460.34|
|Daily Pivot Point R2||1465.71|
|Daily Pivot Point R3||1468.83|