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Forex

Gold price holds steady near $1425, building upside momentum

Gold price holds steady near $1425, building upside momentum

Gold price struggled to capitalize on the overnight goodish up-move and traded with a mild negative bias through the early European session on Tuesday.

July 30, 2019 | SQUARED DIRECT – Following a mixed trade and political news, Gold traders remain largely sidelined ahead of the key events as the yellow metal trades near the $1425 level as of this morning. The US Senate’s failure to override the President Donald Trump’s veto denying the bill to block arms sales to Saudi Arabia and Iran’s open letter expecting help from the UK’s new Prime Minister Boris Johnson seem receding political fears off-late.

However, uncertainty surrounding the US-China trade ties ahead of the two-day negotiations in Beijing, coupled with pessimism concerning the US Federal Reserve’s future monetary policy actions and the President Trump’s repeat attack on the Fed keep the safe-havens in demand.

Gold price technical analysis

Gold price edged higher during yesterday’s session as they found the grip to the momentum again, breaking above the $1422.59 support level and settling above her. The price is currently trading below the $1425 level, still in its usual trade range, but seems to be building up a momentum to surge to the upside after failing to break below the lower band presented on the chart. We will be focusing on the upside and this time the $1435.81 resistance level will be on our watch.

Support: 1410.78 / 1401.62
Resistance: 1435.81 / 1441.79

Chart (H4)

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