Gold recovered to $1,500 just in time for the long weekend of Diwali celebrations. A dovish Mario Draghi in his final meeting and growing expectation for a rate cut by the FOMC next week are pulling up the price of bullion price.
The recent rebound was also important from a technical point of view, as this recovery is breaking up the negative trendline of the last few weeks. The key level of $1,500 is now a support, while the first resistance level is placed at $1,520.
