The ounce troy of the precious metal keeps the bullish bias intact today, advancing to the area of multi-week peaks around $1,190.
Gold bid ahead of Trump’s presser
Prices for Bullion have recovered from yesterday’s small retracement and are extending the upside for the third week in a row so far today, as market participants remain cautious on the upcoming post-election press conference by president-elect Donald Trump.
Gold remains well bid against the backdrop of a weak start of the year for the greenback, particularly after the FOMC minutes poured cold water over USD-bulls, highlighting the significant uncertainty that surrounds the probable policies under Trump’s administration.
Today, investors will look for any detail on the promises made by Trump regarding fiscal stimulus, infrastructure plans, deregulation and taxes, which could prove to be vital for the buck’s direction in the near term.
Gold key levels
As of writing Gold is gaining 0.22% at $1,188.15 and a breakout of $1,194.80 (high Nov.29) would open the door to $1,219.05 (50% Fibo of the 2016 up move) and then $1,238.37 (100-day sma). On the other hand, the next support is located at $1,171.50 (low Jan.5) ahead of 1,146.50 (low Jan.3) and finally $1,126.50 (low Dec.20).