• Extends the recent consolidative price action for the third consecutive session. • Bulls seemed rather unimpressed by a subdued USD price action/cautious mood.
Gold quickly reversed an early European session dip to fresh one-month lows, albeit remained well within a familiar trading range held over the past three trading session.
Following the recent sharp corrective slide from ten-month tops, the precious metal now seems to have entered a bearish consolidation phase and remained on the defensive for the third consecutive session on Thursday.
The subdued/range-bound price action extended through the early European session, with a combination of supporting factors also failing to inspire bulls and assist the commodity to register any meaningful recovery.
With investors awaiting fresh updates on the US-China trade deal, the US Dollar consolidated the recent up-move to near two-week lows and was seen lending some support to the dollar-denominated commodity.
Adding to this, a slight deterioration in investors' appetite for riskier assets, as depicted by a weaker tone around equity markets, further underpinned the precious metal's safe-haven status, albeit did little to provide any bullish impetus.
Today's key focus will be on the latest ECB monetary policy decision, which might infuse a fresh bout of volatility across global financial markets and produce some meaningful trading opportunities.
Technical levels to watch
XAU/USD
Overview: Today Last Price: 1286.9 Today Daily change %: -0.05% Today Daily Open: 1287.57Trends: Daily SMA20: 1314.73 Daily SMA50: 1301.94 Daily SMA100: 1266.56 Daily SMA200: 1236.83Levels: Previous Daily High: 1290.9 Previous Daily Low: 1283.7 Previous Weekly High: 1332.58 Previous Weekly Low: 1290.3 Previous Monthly High: 1346.85 Previous Monthly Low: 1300.1 Daily Fibonacci 38.2%: 1286.45 Daily Fibonacci 61.8%: 1288.15 Daily Pivot Point S1: 1283.88 Daily Pivot Point S2: 1280.19 Daily Pivot Point S3: 1276.68 Daily Pivot Point R1: 1291.08 Daily Pivot Point R2: 1294.59 Daily Pivot Point R3: 1298.28
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