Gold holds stable below $1500 amid few fresh catalysts

Gold awaits fresh clues to extend the latest declines below 10-DMA.
The US President Trump’s tweets supporting Fed rate cut confront Rosengren’s comments.
US-China trade stalemate continues.

Anil Panchal FXStreet

With the lack of fresh directives, Gold remains below $1,500 during the Asian session on Tuesday.

The yellow metal previously slipped under 10-day simple moving average (DMA) as the US President Donald Trump’s rate cut demands were tamed by the Federal Reserve Bank of Boston’s President Eric Rosengren. Upbeat expectations surrounding the US-China trade deal, mainly due to the US favor for Huawei, also added to market’s recently risk recovery.

With this, equities and bond yields recover latest losses while safe-havens like the Japanese Yen (JPY) and Gold had to suffer.

Recently, the US President has been offering incentives to China ahead of their September trade talks. Elsewhere, global central banks keep their dovish outlook intact but wait for this week’s Jackson Hole Symposium event to announce the same.

Other than that, political tension surrounding the Middle East and the UK can keep offering intermediate trading opportunities amid a light economic calendar.

Technical Analysis

While 10-DMA level of $1,506 acts as immediate resistance, $1,510 and $1,528 can act as buffers before fueling the quote towards $1,535. Meanwhile, a downside break of $1,480 can recall July month high surrounding $1,452.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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