Gold prices rose during yesterday’s session as bulls get back on the driver’s seat to seek a run back to the $1500 handle. Investors continued to monitor global political news surrounding trade and Brexit, and reacted to a weaker-than-expected reading of US retail sales, supporting precious metals. The US Dollar has been under pressure midweek, while testing below the 98 handle for the first time since last month. A fall in retail sales raised concerns about the momentum in consumption, but the NAHB housing index rebounded to its highest level in 21 months yet the Dollar was under pressure. However, Gold prices have come into their own again amidst continued uneasiness over trade wars and various other geopolitical uncertainties, such as Hong Kong, the Middle East and Brexit. The switch in risk sentiment supported Gold, paring back the majority of the prior day's losses.
Gold prices gained back traction during yesterday’s session as bulls seek a run towards the $1500 handle printing a high of $1492.96 per ounce. The price is currently trading just above the $1486.98 support level as the momentum bounced back of from the bearish territory. We will be focusing on the upside if the price breaks above the $1494.87 resistance level with the upper band on our watch.
Support: 1486.98/ 1474.99
Resistance: 1494.87/ 1506.02