Gold prices edged lower on Thursday as the dollar stayed steady on fairly encouraging economic data mainly the Federal Reserve's Beige Book showing businesses across the US have become less optimistic in recent months thus limiting the yellow metal's slide. Lingering concerns about US-China trade tensions, the partial government shutdown in the US and Brexit uncertainty helped keep gold prices close to USD1,300 an ounce mark. The dollar remained largely subdued amid speculation the Federal Reserve will pause monetary tightening soon or announce fewer rate hikes this year.
GOLD ended Thursday's session down -0.15% around 1292 missing to decisively move beyond the prior day's trading range in a lackluster session. Prices are trading close to the key technical resistance level at 1296.6 (R1), and this might trigger some short-term selling action although on the long-term, the trend is still bullish. Moreover, with GOLD prices trading close to this year's high at 1300.4, upside momentum might accelerate should prices break out to new highs for the year.
Support: 1291.83 / 1282.39
Resistance: 1296.60 / 1300.40