Gold buyers fail to cross September 06 high as recently positive trade headlines from the US dragged the yellow metal lower this morning, after gaining traction on a weak Eurozone economic data release during yesterday’s session. The US Treasury Secretary Steve Mnuchin and the President Donald Trump both crossed wires with trade-positive comments off-late. While President Trump conveyed the Chinese commitment to buy more of the US farm products, Treasury Secretary Mnuchin said that Chinese Vice Premier will visit the US next week and the trade talks will resume in two weeks. On the other hand, Iran refrains from respecting the global push to return to the Nuclear 2015 deal by blaming the European partners’ non-obligation. Elsewhere, no breakthrough was spotted from the meeting between the UK PM Johnson and the EU President Jean-Claude Juncker.
As expected, Gold prices gained traction during yesterday’s session, reaching a high of $1526.71 per ounce before edging lower this morning. The price is currently trading below the $1524.15 resistance level with the momentum still being in the bulls territory. We will keep focusing on the upside with the $1533.63 resistance level on our watch.
Support: 1515.75 / 1506.02
Resistance: 1524.15 / 1533.63