• Gold prices rose early Wednesday amid rising tensions between the United States and North Korea after the latter responded to warnings from U.S. President Donald Trump with a threat to strike the U.S. Pacific territory of Guam.
• Spot gold rose 0.5 percent to $1,266.20 per ounce at 0054 GMT. It marked its lowest since July 26 in the previous session at $1,251.01 an ounce.
• U.S. stock futures slipped while U.S. Treasuries, gold and the safe-haven yen rose in early Asian trading on Wednesday after tensions on the Korean peninsula escalated.
• China's exports and imports grew much less than expected in July, raising concerns over whether global demand is starting to cool even as major Western central banks consider scaling back years of massive stimulus support.
• Technically, December gold futures bulls still have the overall near-term technical advantage. Bulls’ next upside technical objective is pushing prices above chart resistance at last week’s high of $1,280.30. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,240.00. First resistance is seen at today’s high of $1,271.00 and then at $1,275.00. First support is seen at today’s low of $1,257.10 and then at $1,250.00. Wyckoff’s Market Rating: 6.0
Reference: Reuters, Kitco
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