Gold Price News: XAU/USD adds to gains above $1,460, focus now on Powell
|- Gold is consolidating the daily up move beyond the $1,460 region.
- Risk-off sentiment sustains the better tone in the metal.
- US CPI surprised to the upside ahead of Powell.
The precious metal is extending the positive performance on Wednesday and is now consolidating gains beyond the $1,460 level per ounce troy.
Gold price awaits Powell’s testimony
Today’s pick up in the demand for the safe havens follows the lack of fresh updates on the US-China trade scenario, allowing skepticism among traders to grow bigger and weigh on the risk-associated space.
In fact, investors’ upbeat sentiment surrounding the trade front have lost some momentum today, particularly after President Trump failed to match market expectations on Tuesday regarding tariffs and his meeting with Xi Jinping.
In the US docket, headline inflation figures gauged by the CPI came in above estimates in October, with prices gaining 0.4% MoM and 1.8% YoY.
Later in the day, Gold is expected to remain cautious ahead of J.Powell’s testimony before Congress.
XAU/USD key levels
As of writing Gold is gaining 0.51% at $1,463.51 and a breakout of $1,497.80 (55-day SMA) would expose $1,519.70 (monthly high Oct.3) and then $1,535.69 (high Sep.24). On the downside, the next support emerges at $1,456.08 (monthly low Nov.8) seconded by $1,449.39 (38.2% Fibo of the May-September rally) and finally $1,416.12 (50% Fibo of the May-September rally).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.