On Tuesday, the safe-haven metal increased during in Asia despite the increase in Asian stock. Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.2% at $1,332.25 per ounce.
Gold broker an eight-day streak in the past session due to U.S. President Donald Trump’s decision not to increase further tariff on Mexican imports.
Besides that, the Asian stocks were frequently higher after the Chinese government reported support of around 2% to its corporate sector. Spot gold still lacked momentum upward while trading at $1,328 an ounce.
Gold – Technical Analysis
Despite Friday’s frustrating U.S. monthly jobs report, gold grappled with capitalizing on its move to near 14-month tops and once again failed to sustain above the $1340 level. The precious metal came under some severe selling pressure at the start of a new trading week in the wake of fading safe-haven demand amid the latest trade-related optimism.
Now that gold prices have traded over 1,388.58, we are a topside break of the sideways as well as the downtrend from the February and March 2019 highs. To this end, while the forecast has shifted in a bullish direction, gold prices now need to clear 1,323.21 to place another low of 1,317 today. All the best!