Gold prices were under pressure during Friday’s session and continue to be so this morning as the DXY holds the 99 handle following stronger US yields and despite lower stocks and risk-off sentiment. The risk-off news on Friday came in a Bloomberg report stating that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges as one of the options to limit investment which triggered a sell-off in equities and helped support precious metals.
Gold prices fell below the $1500 level on Friday after facing bearish pressure traveling from a high of $1506.4 per ounce to a low of $1486.81 support level as expected. The price is currently trading below the $1494.87 resistance level with the momentum still negative and still far from the oversold zone. We will keep focusing on the downside and this time we will be keeping eye on the $1474.99 support level.
Support: 1486.98 / 1474.99
Resistance: 1494.87/ 1506.02