Gold prices (XAUUSD) trading on positive foot after the correction which drove the gold price below the 1,500 mark. Positive headlines from Brexit and US-China trade talks improve investor sentiment and pressures the safe-haven assets such as Yen and Gold. Last week a report from World Gold Council, showed that the global gold-backed ETFs hit an all-time high, adding 75.2 metric tons of gold in September to a total of 2,808 metric tons.
The Fed meeting minutes from September said that the FED is in favour of more rate cut to avoid economic slowdown.
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Gold Support and Resistance Levels
Gold trading slightly higher in European trading session but the recent correction has cancelled the positive momentum which started two weeks ago from $1,458. Gold price trades below the 20 and 50-day moving average. On the downside, immediate support for Gold stands at $1,488.72 daily low and then $1,474 the low from October 2nd. The precious metal has established a strong support zone at $1,458 recent low. On the upside, resistance would be met at $1,495.35 today’s high while a break above will open the way for a move up to 1,519.49 high from October 3rd.