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Gold Prices Edged Up on Tuesday on The Back of a Weaker Dollar

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Gold prices edged up on Tuesday on the back of a weaker dollar, although gains were capped by a rally in U.S. equities and signs of a recovery in global economic activity. Spot gold edged up 0.1% to $1,987.51 per ounce. U.S. gold futures eased 0.3% to $1,993.30 per ounce. The dollar was down 0.2% at an over one-week low, making gold cheaper for those holding other currencies. Investors now await the minutes from the U.S. Federal Reserve’s last policy meeting due for release on Wednesday. U.S. President Donald Trump on Monday promised tax credits for firms who relocate manufacturing facilities to the United States from China. Trump’s administration also stated it will further tighten restrictions on Chinese telecommunications firm Huawei. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.33% to 1,252.38 tonnes on Monday. Silver climbed 1% to $27.69 per ounce.

TREND : BULLISH

Time                                      :           18/08/2020

Pivot                                      :           1974.63

Technical View                     :             LONG ABOVE 1992.73

Target                                   :            2010.91, 2030.73, 2065.61

Technical View                     :             SHORT BELOW 1965.22

Target                                   :            1995.81, 1921.03, 1901.11

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