Gold gains support on weaker dollar – What to expect today?
Arslan Butt • 1 min read
Gold prices surged as the Greenback hesitated after softer-than-expected U.S. CPI. The weaker inflation data dimmed the case for a high-speed pace of policy contracting by the U.S. Federal Reserve. The ongoing trade war between China and the U.S. is also diminishing the rate hike sentiment and causing a bullish impact on gold.
Speaking of technicals, gold is trading bullish at $1,200 after placing a high of $1,212. The technical indicators are suggesting buying trades in gold, especially the upward trendline and 50- periods EMA. both are providing a strong support to gold near $1,200. The immediate resistance is likely to be at $1,208 and $1,211.
Key Trading Level: 1202.45