- Gold edges higher near the $1,470 region.
- The weak note in the dollar pushes prices higher.
- Fed’s Powell will testify again later today.
The once troy of the yellow metal is prolonging the positive streak on Thursday and approaches the $1,470 region.
Gold up on weak-USD, looks to trade, Powell
Gold is up for the third session in a row in the second half of the week, always in response to the resurgence of trade concerns around the lack of progress on the ‘Phase One’ deal. The resurgence of the trade effervescence woke up after President Trump failed to unveil extra details on the trade scenario earlier in the week.
Also collaborating with the upside, the greenback is shedding some ground after failing once again to push the US Dollar Index further north of recent tops in the 98.40/50 band, all despite Wednesday’s positive CPI figures and the upbeat assessment of the US economy by Fed’s Powell at his testimony.
Later in the day, US Producer Prices and the weekly report on the US labour market should keep the attention on the buck ahead of the second testimony by Chief Powell, this time to the House Budget Committee.
Still on the metals complex, Silver is tracking the performance of Bullion and is up for the second day in a row, managing to surpass the ley barrier at $17.00 the figure. The weak note in the greenback continues to support the USD-denominated universe while recent oversold levels of the white metal have been also adding to the rebound.
Gold key levels
As of writing Gold is gaining 0.45% at $1,469.89 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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