Gold regained positive traction and recovered a major part of the overnight losses. Sustained USD selling extended some support to the dollar-denominated commodity. A caution mood around the equity markets further benefitted the safe-haven metal. Gold traded with a positive bias through the early European session and was last seen trading near the top end of the daily range, just above the $1950 level. A combination of supporting factors assisted the previous metal to regain positive traction on the last trading day of the week and recover a major part of the previous day’s losses to over one-week lows. The US dollar struggled to capitalize on the post-FOMC short-covering bounce, instead met with some fresh supply following Thursday’s mostly disappointing US macro data. The USD remained depressed through the first half of the trading action on Friday, which, in turn, was seen as a key factor that underpinned the dollar-denominated commodity. This comes amid concerns about the second wave of coronavirus infections and fading optimism over a sharp V-shaped global economic recovery. Adding to this, a softer risk sentiment – as depicted by the prevalent cautious mood around the equity markets – benefitted traditional safe-haven assets and remained supportive of the bid tone surrounding the precious metal. Despite the positive move, the commodity remains well within a familiar trading range held over the past one week or so. Moreover, the yellow metal has been struggling to break through a one-month-old descending trend-line resistance. This makes it prudent to wait for some strong follow-through buying before positioning for any further near-term appreciating move. Market participants now look forward to the release of the Michigan Consumer Sentiment Index for September, scheduled later during the early North American session. The data might influence the USD price dynamics, which, along with the broader market risk sentiment, will be looked upon for some short-term trading opportunities. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD has more room to rise than fall, specter of a British lockdown may limit gains FX Street 2 years Gold regained positive traction and recovered a major part of the overnight losses. Sustained USD selling extended some support to the dollar-denominated commodity. A caution mood around the equity markets further benefitted the safe-haven metal. Gold traded with a positive bias through the early European session and was last seen trading near the top end of the daily range, just above the $1950 level. A combination of supporting factors assisted the previous metal to regain positive traction on the last trading day of the week and recover a major part of the previous day's losses to over one-week lows. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.