- Gold is trading in a sideways manner around the 200-hour MA in Asia.
- Risk-off in equities and a slight drop in the treasury yields is likely helping the yellow metal defend the MA support.
Gold's bullish move may have lost its mojo in the last few days, beating the 200-hour MA is still proving a tough task for the bears.
The yellow metal fell to its 200-hour moving average (MA) at 13:00 GMT yesterday and has been defending the key support ever since.
A sustained break below the 200-hour MA is remaining elusive, possibly due to risk aversion in the equities. As of writing, the S&P 500 futures are down 0.58 percent. Meanwhile, names like Nikkei, Hang Seng, and Kospi are down at least 1 percent each. The Shanghai Composite is also reporting a 0.5 percent drop.
Notably, risk-off in equities is also pulling down treasury yields. At press time, the 10-year treasury yield is trading at 2.81 percent - down two basis points on the day. As a result, the greenback - gold's nemesis - could remain on the defensive against classic safe-haven assets.
Looking forward, a strong bounce from the 200-hour MA of $1,241 could be seen if the risk aversion worsens. On the other hand, acceptance below the MA support could yield a deeper pullback.
Gold Technical Levels
XAU/USD
Overview:
Today Last Price: 1241.94
Today Daily change: -1.1e+2 pips
Today Daily change %: -0.0853%
Today Daily Open: 1243
Trends:
Previous Daily SMA20: 1230.71
Previous Daily SMA50: 1225.93
Previous Daily SMA100: 1213.27
Previous Daily SMA200: 1231.52
Levels:
Previous Daily High: 1246.85
Previous Daily Low: 1239.8
Previous Weekly High: 1250.1
Previous Weekly Low: 1221.39
Previous Monthly High: 1237.4
Previous Monthly Low: 1196.4
Previous Daily Fibonacci 38.2%: 1242.49
Previous Daily Fibonacci 61.8%: 1244.16
Previous Daily Pivot Point S1: 1239.58
Previous Daily Pivot Point S2: 1236.17
Previous Daily Pivot Point S3: 1232.53
Previous Daily Pivot Point R1: 1246.63
Previous Daily Pivot Point R2: 1250.27
Previous Daily Pivot Point R3: 1253.68
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats to three-week lows near 1.1050 on Middle East jitters
EUR/USD accelerates its downtrend on Tuesday on the back of further gains in the US Dollar, which were exacerbated following Iran's missile attack on Israel.
GBP/USD drops to multi-day lows near 1.3250
Further selling pressure motivates GBP/USD to break below the 1.3300 support with certain conviction on the back of the robust uptick in the Greenback, which gathered extra steam ono escalating effervescence in the Middle East.
Gold looks firm around $2,670 on Israel-Iran crisis
Gold prices maintain their bullish bias around the $2,670 region per ounce troy on the back of increasing tension in the Middle East after Iran launched a missile attack on Israel.
Gillian Lynch, head of EU at Gemini: “The next phase of crypto growth will be exponential”
Gillian Lynch is the Head of Ireland and EU at Gemini, the US crypto exchange founded by Cameron and Tyler Winklevoss. FXStreet interviewed her during the European Blockchain Convention 2024 in Barcelona, where Lynch expressed her optimism about the crypto industry.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.