- The precious metal navigates within a tight range on Friday.
- Markets’ attention stays on upcoming US key data releases.
Prices of the ounce troy of Gold are alternating gains with losses in the $1,760 region so far at the end of the week, coming under some mild downside pressure following new 2020 peaks recorded on Wednesday.
Gold now looks to COVID-19, data
In the meantime, omnipresent trade tensions between the US, China, EU and the UK are also collaborating with the firm sentiment surrounding the yellow metal and could limit the downside in the short-term horizon.
In the same line, the persistent advance of the coronavirus pandemic in the US seems to have undermined hopes of a strong US recovery despite some auspicious results in domestic fundamentals as of late.
Also sustaining prices of the commodity appears the recently announced measures by the Federal Reserve in the wake of the latest stress tests to US banks. In fact, the Fed prompted banks to suspend shares purchases, limit dividend payments and to re-assess their capital plans in the longer run.
Later in the session, Gold should remain vigilant on the releases of US PCE figures, Personal Income/Spending and the final reading of the U-Mich index.
Gold key levels
As of writing Gold is losing 0.06% at $1,762.30 and faces the next support at $1,719.93 (55-day SMA) followed by $1,704.30 (Low Jun.15) and then $1,670.88 (monthly low Jun.5). On the other hand, a breakout of $1,779.38 (2020 high Jun.24) would expose $1,795.90 (high Sep.2012) and then $1,800.00 (psychological level).
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