Gold traded lower on Thursday during the Asian session reaching 1406.37, but still not far from this week’s multi year high as investors waited on any Sino-U.S. trade developments later this week, while bulls rolled back hopes of big U.S. interest rate cuts. U.S. President Donald Trump on Wednesday said a trade deal with Chinese President Jinping was possible this weekend but warned he was prepared to impose U.S. tariffs on virtually all remaining Chinese imports if talks fail. Fed Chair Powell said earlier that the central bank was “insulated from short-term political pressures,” pushing back against Trump’s demand for a significant rate cut taking some of the shine off the precious metal which tends to benefit from lower rates. The Greenback has also grown following Powell’s comments, putting some pressure on Gold.
GOLD Support & Resistance Table - 27/06/2019
Support & Resistance Level Explanation
Resistance 2 1420.07 Daily R2
Resistance 1 1411.68 Daily R1
Support 1 1401.68 Daily S1
Support 2 1392.40 Daily S2


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