The Gold update

gold-bullion

A slightly lower move seem to drive the Gold price after the flat move which characterizes the end of the Asian session of this Wednesday 19th of October. The precious metal seem to be conditioned by the Chinese Economic data revealed a few hours ago with the bulls that for the moment are keen to push the level close to the 200-DMA, but for now they are experiencing a limited downside.

At the time of writing the commodity is traded @ $ 1.261,17, 0.05% lower after having touched the $ 1.264,75 level this morning. Despite Chinese data, the Dollar weakness continue to weigh, trying to push high the Gold level.

Pay attention at the Treasury Yields, ecpecially regarding the short-term part of the curve, which have a strong correlation with the Gold and the US Dollar and reflects the Interest rate expectacions. At the same time, the Dollar Index is traded with a negative performance of 0.08% @ 97.82.

Looking at the chart, we can see the first significant resistance positioned @ 1.276 (200-DMA), while on the other hand, if the downside move will extend his power, the first support is seen @ 1-258,30 (5-DMA).

gold_19oct

 

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