Gold jumps back above $1500 mark, multi-day tops
Our preference: long positions above 1496.00 with targets at 1511.00 & 1515.00 in extension.Alternative scenario: below 1496.00 look for further downside with 1490.00 & 1486.00 as targets
Growing US-China trade optimism exerted some initial downward pressure.
Rate cut expectations/a modest USD pullback helped regain positive traction.
Traders now look forward to ECB decision/US CPI for short-term opportunities.Gold quickly reversed an early Asian session dip and rallied back above the key $1500 psychological mark to hit three-day tops in the last hour.
The US President Donald Trump’s decision to delay a planned tariff hike on Chinese goods by two weeks to October 15 added to the recent encouraging signs and contributed to improving global risk sentiment, which eventually exerted some downward pressure on traditional safe-haven assets – like Gold.