Gold prices trade 0.18% higher today at $1,464 as the yellow metal is under selling pressure the last trading sessions on improved sentiment in trade talks between the U.S. and China and stronger NFP data last Friday.
Investors await Fed’s final policy meeting with analysts expecting that will keep interest rates unchanged. The US dollar index is under selling pressure today giving up 0.08% at 97.58. UK elections might also add to volatility on Thursday.
The gold prices gave up almost 15 dollars on Friday after stronger than expected NFP figures from U.S. dropping below $1,460. The technical outlook is bearish for gold as it has trapped inside the downward channel that drives the price since early September. The gold price has failed to capitalize on negative news out of the trade negotiations and upside move matched with solid offers.
Today’s upward positive move will meet resistance at $1,465.24 the daily top, while a credible break above that level might open the way for the next target at $1,480.95 the 50-day moving average. Next resistance stands at the 100-day moving average at $1,488 and needs a fundamental catalyst in order to breach that level.
On the downside gold price immediate support stands at $1,460.20 today’s low while more bids will emerge at the low from November 12th at 1,445. Gold bears need to clear the support at $1,445 to establish another leg lower.More content