The safe haven bullion remained under pressure as appetite for riskier assets increased with all three major U.S. stock indexes posting record closing highs in yesterday's session. Lower than expected US durable goods (-1.2% vs. -1.1%) and factory orders (-0.6% vs. -0.5%) momentarily pulled the greenback lower as optimism about a US-China trade deal improved market sentiment with U.S treasury yields rising, boosting the greenback and keeping the yellow metal range bound. Many figures to be released out of the US today, with investors focusing on the trade balance and ISM non-manufacturing data.
Gold remained range bound yesterday, testing once again our $1514 resistance level to then retrace back and dip below our $1507 level while failing to retrace lower to our first support at $1503 indicating that some bullish momentum is still in play. MACD and RSI indicators on the 1H are setting up for a bullish bounce, while higher time frames indicate continuing bearish momentum.
Support: 1503.11 / 1496.89
Resistance: 1514.13 / 1523.38