Gold Price Tests the $1,500 Psychological Support

Gold price is under pressure today, giving up  0.17% at $1,502, having hit the daily low at $1,500 the psychological support. The previous week investors attention turned to safe-haven assets after the dismal macro data from US, Germany and Eurozone.

The positive momentum for gold which started from the recent lows at $1,458 is under threat today as gold price hovers at the 50-day moving average. On the upside, resistance would be met at $1,512 today’s high while a break above will open the way for a move up to 1,519 high from October 3rd. Immediate support for Gold stands at $1,500 daily low, a break below will open the way for a visit down to $1,474 low from October 2nd. Bulls are controlling gold prices as long as the price holds above $1,500. A break below will question the recent rebound and might attract some offers that can re-establish the negative trend with a move down to 1458.Don’t miss a beat! Follow us on Telegram and Twitter.

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