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  • Gold prices pulled back after stabilization of the USD.  
  • Price remains in the recent range, firm above $1300/oz.  

The yellow metal peaked earlier today at $1,314/oz but lost strength and retreated. Recently it bottomed at $1,308, slightly above Asian session lows. As of writing, trades at $1,310, marginally higher for the day.  

It continues to move firm above $1,300 while the upside continues to be limited around $1,315. So the consolidation of XAU/USD remains in place. The bias still points to the upside, as price also holds above the 20-day moving average ($1,302). A firm break below $1,298 would open the doors to a more significant bearish correction. On the upside, a close above $1,315 would signal a test of January highs.  

Today’s retreat from the highs took place despite the rally in Wall Street. A rebound in US yields back to daily highs helped XAU/USD move lower. The 10-year yield rose from 2.65% to 2.68%.

Traders await now speeches by several FOMC officials, including Fed Chair Powell. Also in focus is the possible agreement between democrats and republicans to avoid another government shutdown.  

XAU/USD

Overview:
       Today Last Price:  1308.85
       Today Daily change:  0.49  pips
       Today Daily change %:  0.04%
       Today Daily Open:  1308.36
Trends:
       Daily SMA20:  1300.88
       Daily SMA50:  1279.42
       Daily SMA100:  1250.06
       Daily SMA200:  1231.32
Levels:
       Previous Daily High:  1314.88
       Previous Daily Low:  1303.75
       Previous Weekly High:  1322.3
       Previous Weekly Low:  1300.1
       Previous Monthly High:  1326.25
       Previous Monthly Low:  1275.9
       Daily Fibonacci 38.2%:  1308
       Daily Fibonacci 61.8%:  1310.63
       Daily Pivot Point S1:  1303.12
       Daily Pivot Point S2:  1297.87
       Daily Pivot Point S3:  1291.99
       Daily Pivot Point R1:  1314.24
       Daily Pivot Point R2:  1320.12
       Daily Pivot Point R3:  1325.37