- 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
Gold gives away some gains, slips back to $2,980
Gold retraced from its earlier all-time highs above the key $3,000 mark on Friday, finding a footing around $2,980 per troy ounce. Profit-taking, rising US yields, and a shift to a risk-on environment seem to be putting the brakes on further gains for the metal.
EUR/USD remains firm and near the 1.0900 barrier
EUR/USD is finding its footing and trading comfortably in positive territory as the week wraps up, shaking off two consecutive daily pullbacks and setting its sights back on the pivotal 1.0900 mark—and beyond.
GBP/USD remains depressed, treads water in the low-1.2900s
GBP/USD is holding steady in consolidation territory after Friday’s opening bell on Wall Street, hovering in the low-1.2900 range. This resilience comes despite disappointing UK data and persistent selling pressure on the USD.
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
Week ahead – Central banks in focus amid trade war turmoil
Fed decides on policy amid recession fears. Yen traders lock gaze on BoJ for hike signals. SNB seen cutting interest rates by another 25bps. BoE to stand pat after February’s dovish cut.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.