Gold Price News: challenging weekly lows near $1,480.00

Gold trades on the defensive near $1,480/Oz.
Risk appetite weighs on the precious metal.
Focus remains on the US-China trade front.

Pablo Piovano FXStreet

The selling pressure around the precious metal has re-emerged in the second half of the week, pushing prices to the vicinity of the $1,480 region per ounce troy, or weekly lows.

Gold looks to trade

The demand for the yellow metal eased somewhat today in response to the better mood surrounding the riskier assets. In fact, news that Chinese officials could be assessing which US tariffs could be removed appear to have lent extra support to the risk-complex today and is in turn weighing on the safe haven assets.

In fact, Bullion is now intensifying the downside and is trading at shouting distance from weekly lows in the key $1,480 region despite the greenback remains in the lower end of the range when tracked by the US Dollar Index and US 10-year yields are re-visiting recent tops beyond 1.86%.

Gold key levels

As of writing Gold is losing 0.41% at $1,484.31 and faces the next support at $1,479.55 (low Nov.5) seconded by $1,476.39 (100-day SMA) and finally $1,459.23 (monthly low Oct.3). On the upside, a breakout of $1,503.85 (55-day SMA) would expose $1,519.70 (monthly high Oct.3) and then $1,535.69 (high Sep.24).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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