Trading news

Gold holds in positive territory for third straight day

Gold struggled to extend early gains to four-day tops and has now retreated back to $1200 psychological mark, albeit has been able to hold in positive territory for the third consecutive session.

Currently trading around $1198 region, positive European equity markets are pointing to investors' appetite for riskier assets and weighed on the precious metal's safe-haven appeal. Adding to this, a rebound in the US treasury bond yields lent some support for a modest US Dollar recovery and further dented demand for dollar-denominated commodities - like gold.

Meanwhile, Friday's executive order by the US President Donald Trump, to restrict immigration from seven Muslim-majority countries and subsequent dismissal of Sally Yates, continues to fuel concerns over his protectionist stance. Growing worries over Trump's policies might trigger a fresh wave of risk-off trade across global financial markets and bolsters assets viewed as traditional safe-havens, including gold, and might limit any immediate sharp downslide.

Technical levels to watch

Immediate support is pegged near $1195 level below which the commodity is likely to head towards $1190-89 horizontal support ahead of two-week lows support near $1181 level. On the upside, follow through buying interest above session peak resistance near $1203 level, leading to a subsequent move above $1205 region, is likely to accelerate the up-move towards $1209-10 intermediate hurdle, en-route two-month highs resistance near $1217-19 area.

AG Markets Review

Tuesday, 31 Jan, 2017 / 5:33

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