Gold Hits Another Target - FX Leaders News

Gold Hits Another Target

Posted Tuesday, February 7, 2017 by
Dave Green • 1 min read

Gold Bullion mostly traded mixed today on Tuesday in the absence of any major fundamentals from global economies.

Let's recall the morning brief, where we suggested to buy the gold above $1231 – $1229 area's along with stops below $1227 and a take profit at $1235. Well, we remained fortunate enough to secure 40 pips in the New York session.

However, the developments around the globe are causing uncertainties in the market, fueling demand for the haven assets. Investors also focused political risk factors in the U.S., amidst President Donald Trump's administration along with the elections in different areas of the European Union this year. Dutch elections are in March followed by Germany in September.

Gold H1 Chart

At the movement, the precious metal is trading below a major hurdle at $1235. The breakage of this level is likely to push the yellow metal towards the next target level of $1240. Further support is ensured by 50 periods EMA along with the RSI that's holdings above 50.

In my concluding remarks, I would recommend buying positions only above $1236, aiming the target level of $1240.

Happy Trading!

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