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16 Mar 2020

Gold trims losses and rises back above $1500

  • As Wall Street moves off lows, gold recovers from four-month lows. 
  • XAU/USD rises $50 over the last hours, still down $75 from the daily top. 

Gold prices staged a recovery during the American session by rising from than $50 from the bottom. It recovered ground as Wall Street moved off lows. 

Gold remains under pressure despite the comeback

XAU/USD bottomed at $1450, the lowest level since November and it managed to stabilise after the beginning of the American session as US stocks trimmed losses.  After hitting $1520, the up move in gold lost strength. As of writing, trades at $1510, while equity prices in the US approach daily lows. 

If US indexes print fresh lows, it could spark another wave of extreme volatility, potentially weakening gold if it performs the same way it did earlier on Monday. Gold recovered even as US yields moved off lows, suggesting that it is more positively correlated with risk sentiment. 

XAU/USD Technical levels

 

 

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