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Gold corrects from 6-1/2 month tops, slides to $1290 area

   •  Strong opening across European bourses prompts some profit-taking.
   •  Downside remains cushioned amid the prevalent USD selling bias.
   •  Focus remains on today’s important release of the US monthly jobs data.

Gold started correcting after refreshing 6-1/2 month tops and is currently placed at session lows, around the $1292-91 region.

The overnight news that Apple lowered its quarterly sales forecast, which followed the recent weakness in Chinese macro data fueled concerns over a potential downturn in the global economy and continued driving safe-haven flows, lifting the precious metal to its highest level since mid-June. 

The positive factor, to some extent, was negated by some renewed optimism over a possible resolution to the US-China trade disputes. This coupled with a strong rebound in global equity markets and a goodish pickup in the US Treasury bond yields kept a lid on any strong follow-through for the non-yielding yellow metal.

The downside, however, is likely to remain cushioned amid the prevailing bearish sentiment surrounding the US Dollar, which tends to underpin demand for the dollar-denominated commodity, and ahead of today's key release of the closely watched US monthly jobs report, popularly known as NFP.

Technical levels to watch

XAU/USD

Overview:
    Today Last Price: 1291.9
    Today Daily change: -2.9e+2 pips
    Today Daily change %: -0.222%
    Today Daily Open: 1294.77
Trends:
    Previous Daily SMA20: 1261.04
    Previous Daily SMA50: 1237.48
    Previous Daily SMA100: 1223.18
    Previous Daily SMA200: 1229.23
Levels:
    Previous Daily High: 1294.77
    Previous Daily Low: 1282.44
    Previous Weekly High: 1284.7
    Previous Weekly Low: 1258.1
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Previous Daily Fibonacci 38.2%: 1290.06
    Previous Daily Fibonacci 61.8%: 1287.15
    Previous Daily Pivot Point S1: 1286.55
    Previous Daily Pivot Point S2: 1278.33
    Previous Daily Pivot Point S3: 1274.22
    Previous Daily Pivot Point R1: 1298.88
    Previous Daily Pivot Point R2: 1302.99
    Previous Daily Pivot Point R3: 1311.21

 

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