During yesterday’s session, Gold extended the gains and hit fresh six-years high above the $1550 level favored by the combination of an improvement in risk sentiment, and a weaker US Dollar. However this morning, Gold is losing altitude, possibly due to renewed optimism on the US-China trade talks. Reuters reported earlier today that China's Vice Premier Lie He held a phone call with the US Trade Representatives Lighthizer, US Treasury Secretary Mnuchin on Sept 5. and both sides agreed to hold trade talks in early October in Washington.
Gold prices extended gains during yesterday’s session and have hit a fresh six-years high above the $1550 level at $1556.87 per ounce before retreating back this morning. The price is currently trading just above the $1544.49 level with a decreasing momentum. As long as the price is above this level, we will keep focusing on the upside with new highs on target.
Support: 1544.49 / 1533.63
Resistance: 1556.25 / 1564.3