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Gold Price Analysis: XAU/USD consolidates in a range, below $1950 level

Written by By Haresh Menghani | 2020-09-11 10:16:21 GMT
  • Gold lacked any firm directional bias and remained confined in a range on Friday.
  • A strong rebound in the US equity futures dented the metal’s safe-haven status.
  • The prevalent USD selling bias extended some support and helped limit any losses.

Gold seesawed between tepid gains/minor losses through the early European session on Friday and was last seen trading in the neutral territory, around the $1945 region.

A combination of diverging forces failed to provide any meaningful impetus to the commodity and led to a subdued/range-bound price action on the last trading day of the week. The prevalent selling bias surrounding the US dollar was seen as one of the key factors that extended some support to the dollar-denominated commodity and helped limit the downside.

The greenback remained depressed through the first half of the trading action on Friday and was being weighed down by the political deadlock over the US fiscal stimulus measures. Democrats on Thursday voted to block a Republican bill, providing around $300 billion in new coronavirus aid, on grounds that the package was far lower than what they have been pushing for.

However, a strong rebound in the US equity futures undermined demand for traditional safe-haven assets and kept a lid on any positive move for the precious metal. This comes on the back of the recent range-bound trading action and the overnight pullback from over one-week tops, warranting some caution before placing any aggressive directional bets.

Market participants now look forward to the release of the latest US consumer inflation figures for August, due later during the early North American session. That data, along with the broader market risk sentiment, will influence the commodity and produce some short-term trading opportunities on the last day of the week.

Technical levels to watch

XAU/USD

Overview
Today last price 1945.5
Today Daily Change 0.18
Today Daily Change % 0.01
Today daily open 1945.32
 
Trends
Daily SMA20 1947.59
Daily SMA50 1916.35
Daily SMA100 1821.95
Daily SMA200 1700.22
 
Levels
Previous Daily High 1966.54
Previous Daily Low 1941.43
Previous Weekly High 1992.42
Previous Weekly Low 1916.42
Previous Monthly High 2075.32
Previous Monthly Low 1863.24
Daily Fibonacci 38.2% 1951.02
Daily Fibonacci 61.8% 1956.95
Daily Pivot Point S1 1935.65
Daily Pivot Point S2 1925.99
Daily Pivot Point S3 1910.54
Daily Pivot Point R1 1960.76
Daily Pivot Point R2 1976.21
Daily Pivot Point R3 1985.87

 

 

Author

By Haresh Menghani
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