spot gold was also marginally lower in trading today and currently fixed at $1,239 per ounce. The decline of $1.10 today is mostly the result of a strengthening U.S. dollar which is accounting for one dollar of today's decline.
Most of the financial markets, specifically U.S. equities, were closed on Wednesday in response to a national day of mourning for former President George H. W. Bush. After Tuesday's dynamic selloff in U.S. equities and continued weakness in global equities, we could see gold continue its ascent in trading on Thursday and Friday.
The key events that traders will be watching will be the Labor Department’s Non-Farm Pay Roll report on Friday, a soft U.S. NFP reading will only add fuel for this rally.
Any new developments in Brexit, If the Brexit vote is not approved, this will be a risk-off event for the market and we could see the price of gold moving higher. And the never ending trade war between US-China.
Most importantly, market participants will be looking closely at the U.S. dollar to see if recent weakness is signaling a change in direction from extremely bullish to bearish. Precious metals pricing has had to fight an uphill battle to gain any ground because of recent dollar strength.
BTCUSD looking good and strong, pushing towards resistant $1,256.56 the 200-SMA level. Trade above yesterday closing price for intraday trading. A push below yesterday closing price will signal some pull back but will present an opportunity for lower buy. support at 1,225.93 20-EMA.
original source: kitco