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Gold Price Hovers Near $1330 – Outlook Positive -

Mar, 07th 10:21

Gold prices held steady near one-and-a-half-week highs on Wednesday, as sustained fears over a potential global trade war continued to weigh heavily on the greenback and to boost demand for safer assets.

Gold futures were little changed at $1,334.7 a troy ounce by 06:15 GMT, just off Tuesday’s one-and-a-half week high of $1,342.00.

Sentiment waned after U.S. President Donald Trump said on Tuesday that he would push ahead with his tariffs on steel and aluminum imports despite growing pressure from political allies to back down from the measures.

Markets were also jittery after Trump’s economic adviser Gary Cohn announced his resignation on Tuesday. The decision was said to have been made following a disagreement between Cohn and the U.S. President over the import tariffs.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.08% at 89.48, the lowest since February 26, 2018.

On the technical charts, Gold price is trading sideways above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 51.71 and the MACD is ready to make a positive crossover above the signal line.

Trade suggestion:

Buy digital Call options between 1332 and 1338, valid until 23:00 GMT March 7, 2018