Gold Price Pressured By Optimism on Brexit and Trade Deal

Gold prices trading lower today as the positive headlines from Brexit and US-China trade deal 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 Technical Analysis

Gold trading 0.93% lower at $1,483 in European trading session as 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 $1,478.44 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 $1,485.68 today’s high while a break above will open the way for a move up 1,498 the 20-day moving average and then at 1,519.49 high from October 3rd.

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