- Gold is up smalls in the vicinity of $1,460 region.
- Stronger greenback forced the metal to shed earlier gains.
- Focus of attention today will be on US CPI and Powell.
The once troy of the yellow metal is up marginally early in the European trading hours, navigating the area below $1,460 amidst a better mood in the dollar and the generalized offered tone in the safe havens.
Gold price now focuses on US data, Powell, trade
Gold has faded the initial optimism somewhat on the back of the recovery in the buck, which keeps challenging monthly highs in the boundaries of 98.50 when measured by the US Dollar Index (DXY).
In the meantime, the upbeat sentiment among investors regarding the US-China trade scenario appears unchanged despite President Trump gave nothing new at his speech on Tuesday. He did reiterate that a trade deal look close, although he did not mention anything regarding the roll over of tariffs or the timing/venue of his meeting with China’s Xi Jinping.
Later in the day, Bullion is expected to remain cautious ahead of the release of key inflation figures gauges by the CPI for the month of October ahead of J.Powell’s testimony before Congress later in the day.
XAU/USD key levels
As of writing Gold is gaining 0.15% at $1,458.11 and a breakout of $1,497.80 (55-day SMA) would expose $1,519.70 (monthly high Oct.3) and then $1,535.69 (high Sep.24). On the downside, the next support emerges at $1,456.08 (monthly low Nov.8) seconded by $1,449.39 (38.2% Fibo of the May-September rally) and finally $1,416.12 (50% Fibo of the May-September rally).
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