Fears of US recession, sluggish data and Brexit uncertainty please safe-haven buyers. $1320 acts as immediate resistance with $1308 likely being nearby support. Gold prices are on bid around $1316 during early Monday. The yellow metal recently benefited as global markets turn risk-off moves after sluggish data from the US flashed a sign of recession for the world’s largest economy. Adding to buying bets was the CFTC report showing an increase in net bullish positions. Friday’s sluggish print of the US Markit purchasing manager index (PMI) dragged the 10-year treasury yields beneath 3-month bill for the first time since 2007. Pessimists considered it as another signal favoring that the US economy will again slide in recession. Weekly report of the non-commercial futures contracts of Gold traded by large speculators and hedge funds, published by the Commodity Futures Trading Commission (CFTC), showed a net increase in buying for the first time in three weeks by 9,577 net contracts to 88,396 contracts. January month release of Japan’s all industry activity index and uncertainty surrounding Brexit also added strength into the risk aversion mood. Traders may now look for Fed policymakers, namely the Presidents of the Federal Reserve Bank of Chicago and Philadelphia respectively, in order to confirm further bearish bias of the US central bank. Gold Technical Analysis Immediate descending trend-line and early month high surrounding $1320 can act as immediate resistance ahead of fuelling prices towards $1332. Meanwhile, an upward sloping support-line joining lows since March 07 at $1308 may restrict nearby declines, a break of which can reprint $1302 and $1298 on the chart. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Cardano overview: coming down to earth from the clouds FX Street 4 years Fears of US recession, sluggish data and Brexit uncertainty please safe-haven buyers. $1320 acts as immediate resistance with $1308 likely being nearby support. Gold prices are on bid around $1316 during early Monday. The yellow metal recently benefited as global markets turn risk-off moves after sluggish data from the US flashed a sign of recession for the world's largest economy. Adding to buying bets was the CFTC report showing an increase in net bullish positions. Friday's sluggish print of the US Markit purchasing manager index (PMI) dragged the 10-year treasury yields beneath 3-month bill for the first time since 2007.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.