Gold prices fell in the morning today after rising to an over two-week high as U.S. President Donald Trump’s attempts to fire a Federal Reserve Governor sparked renewed concerns over the central bank’s independence. The yellow metal had initially rallied on Trump’s late-Monday announcement that Fed Governor Lisa Cook be removed from her post immediately over allegations of mortgage fraud. The dollar tumbled after Trump’s move, also benefiting broader metal prices. But the greenback recouped its losses, while Treasury yields also stabilized, as Cook and the Fed argued that Trump had no authority for the firing.
Spot gold fell 0.5% to $3,378.29 an ounce, while gold futures for October fell 0.1% to $3,428.70/oz by 00:23 ET (04:23 GMT).
CURRENTLY GOLD IS MOVING ON UP TREND.
Expecting correction up to 3374.00
Today’s important levels for trading are 3449.89, 3421.71, 3407.55, 3379.37, 3365.21, 3337.03 and 3322.87
Trading Strategy for today: Buy On Dip
Trade setup:
Pullback Buy around 3374.00 Deeper Buy around 3367.50
Safe swing sell below 3359.50
Safe swing buy above 3387.50