Gold bounces off multi-week lows

11 November, 2019

Trade jitters lift safe havens, Gold, Silver. Still no decision on rolling over tariffs. Gold targets the 100-day SMA near $1,480.

The resurgence of trade concerns have been sustaining the risk-off sentiment since the beginning of the week, helping the ounce troy of the yellow metal to rebound from last week’s lows near $1,455.

Gold Focused On Trade Concerns


Prices of the precious metal have managed to regain some poise today following last week’s moderate decline from the vicinity of $1,520 on the back of the pick up in the risk-off sentiment and the selling mood hitting the buck.

In the same line, prices of Silver keep recovering although the bullish attempt run out of steam just ahead of the key barrier at the $17.00 mark in early trade.

Later in the week, the greenback is expected to remain under scrutiny in light of the release of key US inflation figures and Retail Sales along with Chief Powell’s testimony before the Senate.

Gold key levels


As of writing Gold is gaining 0.39% at $1,463.68 and a breakout of $1,501.01 (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).


Source  
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