Gold Updates – What’s New In The Market Now?

Today's trading in the commodity market, during the Asian and European sessions, has been very dull as investors seem to be awaiting the major releases from the Eurozone and U.S. Even so, our trading signal on the WTI crude oil achieved its first take profit of the day.  

The yellow metal Gold has undergone almost no change since this morning and is trading at $1265, up only +0.13%. But the games are yet to begin.

Speaking of the Gold, it's not in demand at the moment as investors generally invest in Gold at times of uncertainty. At this point, we all know what's going on in the market and what possible outcomes the events may have.

Trump Tax Reform Plan

In our earlier update, Trump's “Plan” Is Out, Now What? the report suggests that the U.S government may cut corporate tax to 15%. Whereas, for overseas companies, they may cut tax rates to 10% from the 35%.

EUROZONE – Diminished Political Risk

The firm sentiments that Macron may win the elections on May 7th are diminishing the political risk in the Eurozone, which is ultimately leading to a dip in the Gold prices.  

Gold – Intraday Trading Levels

The technical outlook for the precious metal has not changed a lot, so let's take a look at the trading levels of the Gold.   

Support                   Resistance

S1: 1261.38               R1: 1269.94

S2: 1258.73              R2: 1272.59

S3: 1254.453            R3: 1276.87

Forex Trading Signal

In the New York session, I'm looking to buy the Gold above $1259/60 with a stop loss $1256 and a take profit around $1267, only if the fundamentals are in favor. Tighten your belts, we have ECB in less than an hour!