Gold is trading bullish at $1,194 as a weaker U.S. dollar supports the price of the precious metal. Actually, it’s not only the weaker dollar which is keeping the gold supported but also the safe haven appeal.
The demand for haven assets boosted as trade tensions between China and the U.S. continued. Especially after the U.S. President Donald Trump threatened to impose tariffs on $267 billion worth of Chinese imports.
Anyways, the precious metal has formed a tweezers bottom pattern on the 4 – hours chart which has also supported the bullish bias of investors. The 50- periods moving average is likely to provide a solid resistance to gold near $1,201.
The bullish crossover can lead gold prices towards $1,203 while the immediate support prevails at $1,192 today.