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Gold: bid early on USD weakness

  • Gold is capitalizing on Friday's bounce from the 200-hour moving average (HMA).
  • Dollar weakness is likely pushing the yellow metal higher.
  • Friday's high is the level to beat for the bulls.

Gold is currently reporting a 0.30 percent gain at $1,287, having bounced off the 200-HMA on Friday.

The yellow metal is likely benefitting from the weak tone in the greenback. At press time, the dollar index (DXY), which tracks the value of the greenback against the basket of currencies, is trading at a four-day low of 96.09.

The gains, however, could be capped around the immediate resistance of $1,289 (50-HMA), as the risk assets are cheering CHina's rate cut and easing US-China trade tensions. At press time, the S&P 500 futures are reporting a 0.6 percent gain.

Further, the yellow metal created a bearish outside-day candle on Friday. As a result, $1,298 (Friday's high) is the level to beat for the bulls.

Gold Technical Levels

XAU/USD

Overview:
    Today Last Price: 1288.87
    Today Daily change: 3.8e+2 pips
    Today Daily change %: 0.299%
    Today Daily Open: 1285.03
Trends:
    Previous Daily SMA20: 1262.86
    Previous Daily SMA50: 1238.88
    Previous Daily SMA100: 1224.07
    Previous Daily SMA200: 1229.19
Levels:
    Previous Daily High: 1298.42
    Previous Daily Low: 1276.82
    Previous Weekly High: 1298.42
    Previous Weekly Low: 1276.82
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Previous Daily Fibonacci 38.2%: 1285.07
    Previous Daily Fibonacci 61.8%: 1290.17
    Previous Daily Pivot Point S1: 1275.09
    Previous Daily Pivot Point S2: 1265.15
    Previous Daily Pivot Point S3: 1253.48
    Previous Daily Pivot Point R1: 1296.69
    Previous Daily Pivot Point R2: 1308.36
    Previous Daily Pivot Point R3: 1318.3

 

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