Forex Marketz Daily Forex News – Fully Markets Update
The price of spot gold (XAU/USD) continues to climb higher as the yellow metal has found renewed support and buyers. This follows fiery comments from US President Donald Trump which raised the possibility of war with North Korea. After his capital fled to the safety of government bonds. This pressured yields and boosting the relative appeal of non interest-bearing assets. This includes gold.
Looking at the economic calendar, for gold, there is not a lot of US led event risks. Especially surrounding the Federal Reserve and rate hike expectations. This means that risk driven sentiment will take back seat today. Futures on the FTSE 100 and S&P 500 pointing decidedly lower. This makes for an argument for continued risk aversion that might keep the yellow bullion well supported again today.
Markets in the Asian and Pacific Rim have appeared to have stabilized Thursday morning. However, geopolitical tensions in the region, as pointed out above with the rogue nation of North Korea, continue to simmer and weigh on investor minds.
Gold Technical Analysis
Looking at today’s daily technical analysis, the yellow bullion continues to reclaim a foothold above the pivot at $1,260.80 per ounce. A daily close above this first upside barrier challenges the August 1 high lining up at 1,274.10.
The alternative technical analysis, notes a downside barrier lining up at 1,252.60. The net layer of technical support lines up at $1,239.30 per ounce.
