• Spot gold was 0.2 percent higher at $1,226.13 an ounce at 0051 GMT. U.S. gold futures for August delivery were up 0.1 percent at $1,226.10 an ounce.
• The dollar index, which measures the greenback against a basket of six major currencies, was trading 0.1 percent lower at 94.547.
• The second-quarter U.S. economic growth data is due on Friday. Market watchers largely expect growth to top current forecasts of 4.1 percent.
• A now-robust U.S. economy will soon lose momentum on rising interest rates and escalating trade disputes, according to economists polled by Reuters who nonetheless gave just a one-in-three chance of a recession over the next two years.
• Euro zone business growth slowed more than expected this month as fears over a trade war with the United States and a weaker global expansion put another dent in optimism, a survey showed on Tuesday.
• China will adopt a more vigorous fiscal policy to help tackle external uncertainties without resorting to strong policy stimulus, state radio said on Monday, citing the cabinet.
• Japanese government bond prices reversed earlier gains on Tuesday, with investors unable to shake concerns the central bank might be a step closer to unwinding its aggressive monetary stimulus.
• Russia's largest gold producer Polyus said on Tuesday its gold sales in the second quarter were up 12 percent from the previous quarter and stood at $683 million.
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• In the previous post about Gold -0.07% I wrote that the price reached a possible reversal zone at the uptrend line on the weekly time frame. You can read this post for more details, just click on the link in the related ideas below this post. If we look at the daily chart , we can see a buy signal based on a bullish divergence . The price bounces from 1220.00 level and RSI confirms the price reversal in the oversold zone. MACD histogram supports the possible upward movement. DMI is still bearish and confirms the strength of sellers and that's why we should use pending orders and a breakout signal for buying. If price moves above the resistance zone formed by the weekly uptrend line, SMA20 and 1240.00 resistance level , we'll get additional signal confirming the upward movement. Entry level should be above 1245.00 with stop orders below the local swing low at 1210.00 level. The main profit target should be at 1300.00 level. If the price breaks this resistance, the next target will be 1350.00 level.
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• Technically, the gold bears have the solid overall near-term technical advantage. There are no strong, early clues to suggest a market bottom is close at hand. A three-month-old downtrend is in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,250.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,200.00. First resistance is seen at Monday’s high of $1,235.20 and then at $1,240.00. First support is seen at today’s low of $1,218.10 and then at last week’s low of $1,210.70. Wyckoff's Market Rating: 1.5
Reference: Reuter,Trading View,Kitco
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