FXStreet — Gold maintained its upward movement with the European trade on Wednesday continue and so he approaches the rate of the 1250, before a slight Retracement from the High came.
Currently, the trade takes place around the very important 200-day SMA in the vicinity of 1247 US dollars. The risk aversion is increasing in the global markets, which is due to the political turmoil in the United States. This is the most important reason for the increasing demand for the safe haven of Gold.
The decline in US Treasury bond yields and the faded burden of expectations for a faster tightening of Fed monetary policy, as well as the weaker US economic data, the Greenback, the Dollar-traded commodities such as Gold benefit.
About 1250, the next Resistances lie at 1256 and 1264. On the other hand, supports are located at 1245, 1240, and 1236.
** FXStreet News Editorial, FXStreet**
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