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.
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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.
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.
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.