Gold prices edged up on Wednesday, regaining the ground lost in the previous session with support from political uncertainty in the United States and the weak dollar.
Gold rose, while the U.S. dollar index fell in a generally risk-averse market after U.S. President Donald Trump's threat of a government shutdown if necessary to build a wall along the border with Mexico, and comments about the possible termination of a North American trade agreement.
Gold was also buoyed by new U.S. North Korea-related sanctions, targeting Chinese and Russian firms and individuals for supporting Pyongyang's weapons programs.
Gold is expected to remain on track recent trading range, consolidating amid uncertainty ahead of a major central banking conference in Jackson Hole, Wyoming, this week.
On technical front, gold could hardly breach the resistance of $1,300 in the absence of mounting geopolitical tensions in North Korea or terrorist attacks. The support can still be found at $1,260.
Silver closed up, lingering around $17. Technically, the MACD and momentum index still pointed to a bearish tone. But recent trajectory suggests that the white metal might keep consolidating around $17. The resistance and support can be found at $17.2 and $16.5 respectively.

 
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