Gold holds above $3,300, near two-week top as USD remains depressed amid fiscal concerns
- Gold price scales higher for the fourth straight day amid a combination of supporting factors.
- US fiscal concerns and Fed rate cut bets undermine the USD, benefiting the precious metal.
- Renewed US-China trade tensions and geopolitical risks further support the XAU/USD pair.
have been gaining positive traction and suggest that the path of least resistance for the Gold price remains to the upside. Hence, a subsequent move towards the next relevant hurdle near the $3,363-3,365 region, en route to the $3,400 round figure, looks like a distinct possibility.
On the flip side, the $3,316-3,315 area, or the 61.8% Fibo. retracement level resistance breakpoint now seems to protect the immediate downside ahead of the $3,300 mark. Any further decline below the $3,285 area is more likely to attract fresh buyers and remain limited near the $3,255-3,250 hurdle-turned-support. A convincing break below the latter, however, might prompt some technical selling and drag the Gold price to the $3,200 mark.
US Dollar PRICE This week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -1.28% | -1.07% | -1.36% | -0.89% | -0.68% | -0.75% | -1.41% | |
| EUR | 1.28% | 0.20% | -0.02% | 0.47% | 0.74% | 0.61% | -0.12% | |
| GBP | 1.07% | -0.20% | -0.52% | 0.27% | 0.54% | 0.40% | -0.32% | |
| JPY | 1.36% | 0.02% | 0.52% | 0.49% | 0.86% | 0.83% | 0.00% | |
| CAD | 0.89% | -0.47% | -0.27% | -0.49% | 0.24% | 0.14% | -0.58% | |
| AUD | 0.68% | -0.74% | -0.54% | -0.86% | -0.24% | -0.13% | -0.83% | |
| NZD | 0.75% | -0.61% | -0.40% | -0.83% | -0.14% | 0.13% | -0.72% | |
| CHF | 1.41% | 0.12% | 0.32% | -0.01% | 0.58% | 0.83% | 0.72% |
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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).