With the terrorist attack in Spain, the increase in US policy ambiguity has raised the safe harbor demand and precious gold to its highest level since Friday’s US presidential election. However, precious metal has reversed its route on news that White House senior adviser Steven Bannon, who is a positive development for US President Donald Trump‘s pro-growth economic agenda, has quit his job.
US Slightly soft outlook on bond rates was the only factor that allowed risk-free gold to benefit from the start of the new trading week. The market seems to have largely ignored a modest rise in the US dollar, which could make weight on commodities measured in dollars, such as gold.
In the absence of any economic data to create a major market movement, broad-based risk sentiment and USD dynamics may lead to parity movements on Monday. However, the attention will be on the annual central bank symposium at the Fed‘s Jackson Hole.
Gold is currently trading at $ 1,293.39 with a gain of 0.15%.
Important technical levels for gold
$ 1290, $ 1300 (psychological level) and 1295-96 $ zone-level resistance, support for the parity levels of $ 1284, $ 1280 and $ 1274-73.