Gold marks longest string of gains in 5 weeks ahead of Fed decision
Wednesday, 31 July 2019 01:36 WIB | PRECIOUS METALS |GOLDEMASSILVER

Gold futures settled higher Tuesday, marking a third straight session of gains, as investors digested economic data suggesting the U.S. economy remains healthy with low inflation, while waiting for a Federal Reserve decision on interest rates due Wednesday.

August gold on Comex added $9.30, or 0.7%, to finish at $1,429.70 an ounce, after gaining 0.1% a day ago. The metal marked its third straight climb, representing its longest such streak since a four-session advance ended June 25, according to FactSet data.

Chintan Karnani, chief market analyst at Insignia Consultants, said a key resistance level for gold ” one that it has struggled to extend firmly above ” stands at $1430.80 an ounce. œGold needs to trade over $1430.80 for the rest of the day to rise to $1442.30 and $1452.70, he wrote in a Tuesday research note. Gold's most-active December contract added $8.50, or 0.6%, to end at $1,441.80 an ounce.

Meanwhile, September silver gained 11.8 cents, or 0.7%, to settle at $16.558 an ounce.

Source : MarketWatch

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