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Gold Prices Need to Clear $1,535 Before an Attempt to Reach YTD Highs

Gold prices
Gold prices

Gold prices (XAUUSD) are trading close to their monthly highs, and today they have added 0.02% and trading at $1,531 following a rejection of yesterday’s high at $1,535.

Political developments in the US after Nancy Pelosi formally initiated impeachment proceedings against President Trump weigh on investors sentiment, above that the weak global growth concerns can explain why investors still prefer the safety of the yellow metal.

The long term bullish momentum for gold prices is intact as the price has registered gains in the last five trading sessions and breaking above the 20-day moving average.

On the upside, resistance would be met at $1,535, which is today’s and yesterday’s high while a break above will open the way for the $1,556 yearly high.

Gold prices found strong support at the 23.6% Fibonacci retracement around $1,486 which gave the recent rebound. Immediate support for Gold stands at $1,527, the daily low and then at $1,512, the 20-day moving average, a break below will open the way for a visit down to $1,500 round figure.