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.
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.