Gold News Price Prediction: the $1,470 regions caps the upside ahead of data, Powell
|- The yellow metal remains firm around $1,470.
- The weak note in the dollar pushes prices higher.
- Fed’s Powell will testify again later today.
Prices of the precious metal keep the positive performance in the second half of the week, although the $1,470 region continues to cap the upside for the time being.
XAU/USD remains firm ahead of data, Powell
The positive streak in Gold prices is prolonging for another session on Thursday, always sustained by the resurgence of trade concerns and absence of real progress surrounding the US-China ‘Phase One’ deal. Increased uncertainty in the trade scenario has helped the safe havens to regain ground in the last couple of sessions.
Bullion has managed to test fresh tops around $1,470 earlier in the session and in response to a knee-jerk in the buck, although it has surrendered part of those gains afterwards. The up move in the safe haven metal remains under scrutiny, however, as Chief Powell reinforced the Fed’s ‘pause’ mode on Wednesday and US inflation surpassed forecasts during last month, all morphing into extra support for the dollar.
Moving forward, US Producer Prices and the weekly Initial Claims are due ahead of the second testimony by Chief Powell, while a slew of Fed-speakers should also keep the buck in centre stage
Gold key levels
As of writing Gold is gaining 0.35% at $1,468.14 and a breakout of $1,478.32 (100-day SMA) would expose $1,496.85 (55-day SMA) and then $1,519.70 (monthly high Oct.3). 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).
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