During the Asian session, gold prices traded mostly sideways due to lack of economic events. However, the precious metal is supported after the US President Donald Trump pledged to construct a border wall in his State of the Union speech. With that, there’s still a risk of another government shutdown as US President Trump is still up for constructing a border wall.

Recalling our earlier update, the yellow metal is trading in the same trading range of $1,310 – $1,316. Traders are staying bullish after gold prices touched nearly one-week lows this week.

On the other hand, the US treasury yields are still placing pressure on gold. The 10-year Treasury bill yield climbed 3.4 basis points to 2.724%, while the 30-year bond yield was up 2.8 basis points to 3.058%.

Support Resistance
1311.83 1318.02
1308.22 1320.6
1302.03 1326.79
Key Trading Level: 1314.41

The technical side is still the same. As we can see on the 4-hour chart, gold keeps on trading sideways with support near $1,310 and resistance at $1,326. Consider staying bullish above $1,310 with a stop below $1,307 and take profit at $1,317 today.

All the best!