ANALYSIS:Gold in search of a firm direction, holds steady above $1410 level

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Gold in search of a firm direction, holds steady above $1410 level

  • Mostly upbeat Chinese macro data weighed on the commodity’s safe-haven status.
  • A subdued USD demand extends some support and helped limit any meaningful slide.

Gold lacked any firm directional bias and seesawed between tepid gains/minor losses on the first trading day of a new week.

A combination of diverging forces failed to provide any meaningful impetus and led to a subdued/range-bound price action through the early European session on Monday. A slew of mostly upbeat Chinese macro data undermined demand for traditional safe-haven assets and turned out to be one of the key factors that did little to assist the precious metal to build on Friday’s positive move.

This coupled with a follow-through pickup in the US Treasury bond yields further collaborated towards capping gains for the non-yielding yellow metal. However, the prevailing US Dollar selling bias – amid expectations of an interest rate cut by the Fed later this July, extended some support to the dollar-denominated commodity and helped limit any meaningful downfall.

Moving ahead, Monday’s US economic docket – featuring the release of Empire State Manufacturing Index, followed by a scheduled speech by New York Fed President John Williams will now be looked upon for some short-term trading opportunities later during the early North-American session.

Technical levels to watch


Today last price 1414.05
Today Daily Change -1.59
Today Daily Change % -0.11
Today daily open 1415.64
Daily SMA20 1398.78
Daily SMA50 1340.22
Daily SMA100 1317.74
Daily SMA200 1288.47
Previous Daily High 1416.82
Previous Daily Low 1403.3
Previous Weekly High 1427.05
Previous Weekly Low 1386.34
Previous Monthly High 1438.66
Previous Monthly Low 1306.18
Daily Fibonacci 38.2% 1411.66
Daily Fibonacci 61.8% 1408.46
Daily Pivot Point S1 1407.02
Daily Pivot Point S2 1398.4
Daily Pivot Point S3 1393.5
Daily Pivot Point R1 1420.54
Daily Pivot Point R2 1425.44
Daily Pivot Point R3 1434.06
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