Gold Prices Needs to Break Above $1,476 to Attract the Bulls
Gold prices continue north for third consecutive trading session adding 0.02% at $1,473.58 as gold rebounds from three-month lows. Traders turned to safe-haven assets as trade deal optimism fades away.
US Senate yesterday passed legislation supporting Hong Kong protesters, a move that will complicate Sino-US trade negotiations. Fed policy meeting minutes will be released later today as investors searching for cues on Fed’s future stance on interest rates.
The gold prices started a rebound the previous week from three-month lows that targeting a break above the 100-day moving average. Gold is trading below the 100-day moving average for nine consecutive sessions that weigh on sentiment.
Looking north, first resistance for gold would be met at $1,476 today’s top and an area where the precious metal rejected the last trading sessions. A break above will open the way for a move up to $1,480 the 100-day moving average and then at $1,491 the 50-day moving average before an attempt to return above the $1,500 mark.
On the other hand, immediate support for gold stands at $1,471.81 today’s low and then at $1.46 the low from yesterday’s session, a break below that support line might attract more sellers that will push the gold price down to $1,445 the November 12th low.More content