Having eased in the previous sessions, the precious metal caught some aggressive bids on Tuesday and the up-move could be attributed to some re-positioning trade ahead of the upcoming event risk which is the latest FOMC monetary policy. However, the prices retreated yet again and remained unchanged during today’s early session as markets are also paying close attention to the latest news on the Sino-US trade front. US President Donald Trump confirmed he would meet with his Chinese counterpart, President Xi Jinping, at the G20 meeting next week, raising hopes that trade discussions between the Beijing and Washington could resume.
As expected, Gold prices climbed towards the $1353.40 resistance level during yesterday’s session and then directly retreated to settle above the $13443.09 support level. The price is currently trading just below the $1344 level with a decreasing momentum as the RSI points out. At this moment we will be focusing on the downside especially the $1335.07 support level.
Support: 1343.09 / 1339.67
Resistance: 1350.68 / 1353.4