Gold sits above 10-DMA for the first time in more than a week

Gold prices sit comfortably above the 10-DMA for the first time since January 24 on account of the broad based USD weakness and Trump policy uncertainty.

Gold climbs on FX volatility

President Trump criticizing other nations for the competitive devaluation of their respective currencies saw the dollar take a hit across the board.

Furthermore, one of his advisors also criticized Germany for keeping Euro weak. The resulting pick up in the FX market volatility pushed up the haven demand for the metal.

Prices jumped above 10-DMA in the North American session and were last seen trading around $1210/Oz levels.

Gold Technical Levels

 A break below the support offered by 10-DMA at $1203 would expose the psychological figure of $1200, under which the losses could be extended to $1193.60 (previous day’s low). On the other hand, a break above $1215 (previous day’s high) could yield a rally to $1120 (Jan 24 high) and to $1225 (100-DMA).