With the multiple catalysts pushing investors to risk-safety, Gold prices remain on the recovery mode while taking bids above the $1506.02 support level during today’s early session. The yellow metal recently benefited from the global slowdown fears and political uncertainty surrounding the US and the UK. However, China’s absence for the week and traders’ cautious mood ahead of the key US employment report keep a tab on the north-run. During the early Asian session, news signaling likely support to the US President Donald Trump’s impeachment and uncertainties to the Brexit proposal favored the bullion. Adding to the sentiment was the White House Economic Adviser Navarro’s comments that there would not be any small trade deal with China, which in turn raises the odds for one more round of failed talks between the US and Chinese diplomats. In addition to the employment data, comments from the US Federal Reserve Chairman at a Fed Listens event including other policymakers of the US central bank will also be closely observed for fresh direction.
As expected, Gold prices continued its upsurge during yesterday’s session and printed a high of $1519.50 per ounce before quickly retreating towards the $1506.02 level which acted as a support level. The price is currently trading just above it with the the momentum still bullish with a bit of slowdown. We will keep on focusing to the upside and we will be watching the $1524.15 resistance level.
Support: 1506.02/ 1494.87
Resistance: 1515.75/ 1524.15