With the recent trade/political headlines renewing risk aversion, Gold prices take a U-turn from a three-month-old ascending support line while taking the bids to $1,489 amid Wednesday’s Asian session.
Considering the bullish signals from 12-bar Moving Average Convergence and Divergence (MACD) and the recent run for risk safety, gold is heading towards $1,500 round-figure prior to challenging a four-week long horizontal barrier, around $1,520/24.
Read More : Spot Gold Price – Support Between $1487 to $1480 – Gold Silver Reports
In a case where the quote manages to cross $1,524 on a daily (D1) closing basis, $1,538 and September month top close to $1,558 will grab the buyer’s attention.
On the contrary, pair’s declines below the key support line on a D1 basis, at $1,482 now, will highlight 100-day Simple Moving Average (SMA) as the next important support, near $1,467, while July month high around $1,450/48 could lure bears then after.
