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Gold struggles to make a decisive recovery, trades near $1210

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发表于 2018-8-16 16:02:33 | 显示全部楼层 |阅读模式
  • US Dollar Index sticks to daily gains above 95.
  • Wall Street opens mixed on Monday.
  • An empty economic calendar leaves the pair at the mercy of the DXY.
After touching its lowest level in more than a year at $1204, the XAU/USD staged a modest recovery to close the day in the positive territory on Friday. However, a broad-based greenback strength didn't allow the pair to extend its gains and pushed it below the $1210 mark. Following a slump to a fresh session low of $1207 in the early NA session, the pair retraced some of its daily losses and was last seen trading at $1210, where it was down 0.3%, or $3.5, on the day.
Despite a lower-than-expected nonfarm payroll employment number last Friday, the US Dollar Index finished the previous week above the 95 mark for the first time since late June and preserved its bullish momentum. After advancing to a daily high of 95.52, the index erased a portion of its daily gains and was last seen at 95.38, where it was still up 0.23% on the day. A sharp drop witnessed in the U.S. T-bond yield seems to be the primary reason why the greenback is having a difficult time pushing above mid-95s.
In the meantime, major equity indexes started the day mixed on Monday suggesting that the risk appetite is not strong enough to dominate the markets, which benefits safe-havens such as gold At the moment, the Dow Jones Industrial Average is down 0.25% on the day while the S&P 500 is virtually flat.
Technical outlook
The initial support for the pair aligns at $1207 (daily low) ahead of $1200 (psychological level) and $1194 (Mar. 10, 2017, low). On the upside, resistances align at $1224 (20-DMA), $1234 (Jul. 25/26 high) and $1249 (50-DMA).

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