Gold prices edged higher on Wednesday, holding above the key $2,000 per ounce pivot, supported by a sagging dollar, while investors awaited minutes from the U.S. Federal Reserve’s last policy meeting later in the day. Spot gold was up 0.1% at $2,002.12 per ounce after hitting a one-week high of $2,014.97 on Tuesday. U.S. gold futures eased 0.1% to $2,011.60 per ounce. The dollar index fell for a sixth straight session, down 0.1%, to hold near a more than two-year low hit in the last session, making gold less expensive for holders of other currencies. U.S. Treasury yields edged lower as the market largely snubbed strong housing data and looked for signs that a political impasse over a new round of aid to bolster the coronavirus-hit economy was easing. Markets are looking to the release of the minutes of the Fed’s latest meeting that might give more clues on the interest rate outlook. Silver rose 0.6% to $27.82 per ounce.
TREND : SIDEWAYS
Time : 19/08/2020
Pivot : 1994.67
Technical View : LONG ABOVE 2004.56
Target : 2014.46, 2034.74, 2053.92
Technical View : SHORT BELOW 1984.68
Target : 1974.69, 1955.52, 1935.14