Gold prices edged higher on Tuesday as investors raised their optimistic bets on the pressure metal while dollar weakness boosted the demand on the precious metal.
According to the Labor Department on Tuesday – its producers price index for final demand increased 0.4% last month. In the 12 months through October, the PPI rose 2.8% after rising 2.6% in September.
It’s a daring start for Gold despite the rising political uncertainty in UK amid reports of Tory rebellion mounting against UK Prime Minister Theresa May, while uncertainty over US tax reform continued to weigh on risk sentiment.
The technical chart of Gold 4 H market has formed a “Rectangle chart pattern” which shows a clear accommodation of both positive and negative momentum in the market in last few weeks. Market seems to be marking long corrections in sideways and the previous session has ended up bullish which means a correction is to be implemented on bearish momentum in the market in the upcoming sessions which could test $1276-1272(29490-29390) levels. Resistance holds at $1288(29790) and long-term support holds at $1269(29315).
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