Gold re-takes 6-week highs ahead of Trump new conference

Dhwani Mehta FXStreet

Gold regains poise and heads back towards multi-week highs on increased flight to safety demand ahead of Trump’s first news conference after the elections and just a week before he takes office as the 45^th US president.

Gold: $ 1200 mark still on sight

Currently, gold trades +0.18% higher at $ 1188.15, recovering steadily from a dip to $ 1180 levels. The demand for gold resurfaces in the Asian hours this Wednesday as investors turn cautious and prefer to park their funds in the ultimate safe-have asset heading into the Trump presser, which may provide fresh insights on Trump’s spending plans.

Moreover, a generalized weakness seen in the greenback combined with a retreat in the Asian stocks, also add to the renewed upside in the yellow metal.

Meanwhile, the World Bank said on Tuesday that global growth would accelerate slightly as recovering oil and commodity prices, which hurt the sentiment around gold somewhat, knocking-off prices sharply from multi-week lows.

Comex Gold Technical Levels

The metal has an immediate resistance at 1190.55 (6-week high) and 1200 (round figure). Meanwhile, the support stands at 1180.43 (5-DMA) below which doors could open for 1170.71 (10-DMA).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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