Gold prices are seeing some upward movement during the early European session on Friday, attempting to recover from a recent low near $1,984. The uncertainty surrounding the Federal Reserve’s rate cut plans has led to cautiousness among USD bulls, which in turn supports gold. However, an increase in US Treasury bond yields, driven by hawkish remarks from Atlanta Fed President Raphael Bostic, is bolstering the US Dollar and limiting gains for gold.
Additionally, the positive sentiment in equity markets is dampening the appeal of safe-haven assets like gold. Investors are closely watching the upcoming US economic data releases, including the Producer Price Index (PPI), Housing Starts, and Michigan Consumer Sentiment Index, as well as speeches by influential FOMC members. These factors will influence USD demand and provide direction for gold prices. Despite the ongoing recovery, gold is poised to end the week in negative territory for the second consecutive time.
Technical Analysis: Gold Price Faces Resistance Near $2,015
From a technical perspective, gold may encounter resistance around the $2,015 level, with further upside potential towards the 50-day Simple Moving Average (SMA) at approximately $2,030. Breaking above this level could pave the way for additional gains towards the $2,044-2,045 range. On the downside, immediate support lies near the 100-day SMA around $1,992-1,991, followed by the recent low of $1,984. A breach of the 200-day SMA around $1,965 may signal further bearish momentum, with potential targets near $1,952-1,950 and $1,932-1,931.
US Dollar price today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Canadian Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.13% | 0.13% | 0.13% | 0.17% | 0.24% | 0.26% | 0.16% | |
| EUR | -0.13% | -0.01% | 0.00% | 0.05% | 0.11% | 0.14% | 0.03% | |
| GBP | -0.14% | -0.02% | -0.01% | 0.03% | 0.10% | 0.13% | 0.02% | |
| CAD | -0.13% | -0.01% | 0.01% | 0.05% | 0.11% | 0.12% | 0.03% | |
| AUD | -0.18% | -0.03% | -0.02% | -0.03% | 0.10% | 0.10% | 0.00% | |
| JPY | -0.24% | -0.11% | -0.10% | -0.11% | -0.09% | 0.04% | -0.06% | |
| NZD | -0.26% | -0.13% | -0.12% | -0.12% | -0.08% | -0.02% | -0.10% | |
| CHF | -0.17% | -0.03% | -0.02% | -0.03% | 0.01% | 0.08% | 0.10% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
GOLD FAQS
Why do people invest in Gold?
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
