Gold price struggles today as risk sentiment remains strong

New York (Nov 5)  Gold looks set to test the psychological USD 1500 per ounce level as risk sentiment remain positive today.

Equities markets in the EU and UK are both trading higher today with the FTSE 100 up 0.32%.

Earlier in the session, UK services PMI moved back into expansionary territory printing at 50.0.

This afternoon there is also some data that could inspire some more volatility as we get the latest US ISM non-manufacturing PMI reading.

Also the despite strength in the US physical industrial commodities such as oil and copper are performing well while precious metals fall behind.

On the four-hour chart below, if the USD 1500 level breaks USD 1496 per ounce will come into focus and the main consolidation low holds at USD 1477 per ounce.

If the price does bounce back the two main resistance levels are at USD 1508 and USD 1516 per ounce.

FXstreet