Gold prices gives up 0.45% at 1,490, trading lower for fourth consecutive day approaching the previous week lows at 1,486. Gold today stalled at the 1,500 round figure. Gold is under pressure as Fed was less dovish than market expectations, something that strengthened US dollar.
The bullish momentum has canceled today as gold trades below the 50-day moving average turning the short term outlook to neutral. On the upside, resistance would be met at 1,500 today’s high while a break above will open the way for the 1,535 previous week highs. Immediate support for Gold stands at 1,487 daily low, a break below will open the way for a visit down to 1,485 recent low, while more offers will emerge at 1,472 the low from August 7th. Bears are controlling gold prices as long as the price holds below 1,500. A break above will question the recent correction and might attract some bids that can re-establish the positive trend.