Spot Gold Price – Based on this week’s price action and the current price at $1502.60, the direction of the December Comex spot gold on Thursday is likely to be determined by trader reaction to the 50% level at $1492.
Gold is trading flat early Thursday as investors continue to wait for fresh news on Brexit and U.S.-China trade talks, while beginning to gear up for next week’s U.S. Federal Reserve interest rate decision.
Read More : Gold’s Struggle for Clear Directional After People’s Bank of China’s (PBOC) Interest Rate Decision
The market has been trading inside a trading range since October 11, the day President Trump announced phase one of a partial trade deal between the United States and China.
Read More : Gold Report: Negatively Impacted by Positive Newsflow on the US-China talks
Rising Treasury yields and increasing demand for risky assets have also been pressuring gold. However, a month-long sell-off in the U.S. Dollar has helped prop-up prices, while preventing a steep plunge.
