Technically, the main trend of Gold Bullish remains, but the close risks continue to exist. A break above the all times of $ 2790.17 would confirm a resumption of the upward trend, while immediate support is at $ 2693.00-$ 2663.51, near the 50-day advancing average at $ 2663.29. A violation of this zone can indicate clear losses if wider market sentiment acidifies.
Market forecast: Careful optimism for gold prices
While gold remains under pressure from a solid dollar and higher treasury yields, the constant uncertainty about the policy of the Federal Reserve, the global trade tensions and the inflation expectations, offers supporting background. Traders must follow important economic data, including the preferred factories of the FED that owes on Friday for directions. A persistent contents above $ 2693.00 would give a bullish prospect, while a deeper correction could test lower support levels.
Gold prices are probably sensitive to macro -economic developments, with a cautious upward bias that prevails in the short term.
More information in our economic calendar.