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Gold Prices Edge Higher On Tuesday – Market cautious - Capital Street FX
Gold Prices Edge Higher On Tuesday – Market cautious
Gold prices edged higher on Tuesday, as sentiment on the greenback remained vulnerable amid uncertainty surrounding U.S. tariffs on steel and aluminum imports as well as elections in Italy.
Gold futures were up 0.20% at $1,322.5 a troy ounce by 06:40 GMT.
Investors were cautious as U.S. President Donald Trump faced growing pressure to pull back from proposed steel and aluminum tariffs.
The tariffs, announced last week, had sparked concerns over a potential trade war, which would have a negative impact on the U.S. economy.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 89.97.
Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.
On the technical charts, Gold is trading sideways below the 200 day EMA. The RSI is at 46.97 and the MACD is below the signal line.
Buy stop at 1321, take profit at 1326, Stop loss at 1317