Risk aversion helps safe-haven gold continue to gather strength. US Dollar Index pulls away from highs ahead of PMI data. 10-year US Treasury bond yield erases more than 1.5% on Friday. After breaking above the critical $1,600 mark at the start of the week, the troy ounce of the precious metal extended its relentless rally and touched its highest level since February 2013 at $1,636.60 on Friday. With the market action turning subdued ahead of the American session, the XAU/USD pair is consolidating its gains near $1,635, where it was up 1% on the day. Risk perception The disappointing macroeconomic data releases from Japan and concerns over the coronavirus outbreak further weighing on the country’s economic performance caused the JPY to lose its safe-haven status lately and allowed gold to gather strength on risk-off flows. On coronavirus-related headlines, China’s Politburo Standing Committee noted that the turning point of the coronavirus outbreak had not come yet and acknowledged that it would have an “obvious impact” on the economy at least in the near-term. On the other hand, the greenback seems to be having a tough time finding demand on Friday after registering decisive gains against its major rivals throughout the week and helping the pair’s bullish momentum remain intact. The last significant data release from the US will be the IHS Markit’s preliminary Manufacturing and Services PMI data from the US. As of writing, the US Dollar Index was down 0.14% on the day at 99.74. Technical levels to watch for 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 Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next GBP/USD: Bears have not given up the fight FX Street 2 years Risk aversion helps safe-haven gold continue to gather strength. US Dollar Index pulls away from highs ahead of PMI data. 10-year US Treasury bond yield erases more than 1.5% on Friday. After breaking above the critical $1,600 mark at the start of the week, the troy ounce of the precious metal extended its relentless rally and touched its highest level since February 2013 at $1,636.60 on Friday. With the market action turning subdued ahead of the American session, the XAU/USD pair is consolidating its gains near $1,635, where it was up 1% on the day. Risk perception The disappointing macroeconomic… Top 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.
