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Forex

Gold price holds steady near $1275

ADS Securities | May. 23, 2019
Gold price holds steady near $1275

23 May 2019, AtoZ Markets – Gold prices were little changed this morning following the release of the minutes from last month’s Federal Reserve monetary policy meeting. The fed said their patient approach to monetary policy action could continue for "some time" amid concerns over the sluggish pace of inflation, according to the minutes released yesterday.

Traders will now focus on the Sino-US trade war, noting that the US Dollar seemed to be driven higher amid the trade conflict and that could put pressure on the yellow metal. Reports this morning said Washington is urging South Korea to drive Huawei products out of the country, citing security concerns.

Gold price technical analysis

Gold price is still trading in the same range despite yesterday's mini attempt to break to the upside before getting pushed down by the 1277.18 resistance level. The price is currently hovering around the $1274.72 support level but the interesting thing to watch is the divergence that has emerged between the momentum and the price as presented on the chart. Our focus will now be on the upside as we will be watching the $1280.11 resistance level for the next 48 hours.

Gold price

Support: 1274.72 / 1271.85
Resistance: 1277.18 / 1280.11

ADS Securities Risk Disclaimer

This article was provided by ADS Securities analysts.

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.