Gold and silver pull in the bid on risk-off US session

• Gold and silver continue to edge higher in risk-off markets.
• Focus has been on Iran, trade wars and now a possibility of Trump's impeachment.

Precious metals were once again on the rise as geopolitical matters remain at the fore of investor decision-making processes. Spot Gold rallied from a low of $1515.77 to a high of $1535.60 to around 0.80% higher on the day while the white metal, Silver, eked out a higher high of $18.74 having climbed from $18.25. The Gold and Silver ratio added 0.73% to its upside correction. 

The focus has been on Iran, trade wars and now a possibility of Trump's impeachment whereby dozens of House Democrats, now more than two-thirds of the caucus, have come out in support of an impeachment inquiry following the reports that Trump could have well-withheld aid to Ukraine to pressure officials there to investigate the son of political rival Joe Biden - More than 170 Democrats supported some type of impeachment action which is more than two-thirds of the 235-member caucus.

In other news, in his speech at the United Nations General Assembly, Trump turned up the pressure on China as Washington and Beijing seek a trade deal, and called on all countries to act to counter Iran’s regime. The speech fed risk-off sentiment in the market, pushing U.S. benchmark stock indexes broadly lower and precious metal prices higher.

As for futures, Gold for December delivery on Comex added $8.70, or 0.6%, to settle at $1,540.20 an ounce while December Silver ended 8.3 cents, or 0.4%, lower at $18.628 an ounce for cash traded a touch higher after the close as continued declined in stocks supported a flight to safety. 

Gold levels:

the prospects to the 1,550 level which guards territories towards 1,590 as the 127.2% Fibo target area are heightened as price creeps higher above the 21-day moving average. However, bulls need to get over the line, with resistance here that meets the 14th August highs. Failures here will open a 50% mean reversion of the late June swing lows to recent highs around 1470  should the fundamentals deteriorate. Thereafter, we have the 19 July swing highs down at 1,452.93. 

Silver levels: 

The price of the white metal is holding on the positive territory since breaking out of the confinement spot on the daily chart; This level was converging around 18 the figure where prices shot up beyond a 50% retracement of the September swing highs and recent lows supported by the 4-hour 200 and 21 4-hour moving averages. Eyes stay on the September highs of 19.64, while on the downside, bears can look to the 21-day moving average around 18 the figure and the 16.50s further down.