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Gold Testing 50% Fibonacci Retracement – Safe Haven Appeal Kicks In!

The bullion market is finally gaining some bullish momentum after the series of events which has increased the level of uncertainty in the market. A day before, GOLD prices edged up after hitting their highest in over three months as global political and economic changes underpinned safe-haven assets.

Most of the safe havens triggered after the European Commission refused Italy’s draft 2019 budget on Tuesday, stating that it brazenly violated EU rules on public spending and urged Rome to present a new one within three weeks or face disciplinary action.

On the technical side, gold has completed the 50% retracement at $1,229. At the same time, the 50 periods EMA is extending a solid support near $1,229 and we can expect a jump in gold prices above the same level. Whereas, the violation of $1,229 can lead prices towards $1,227 and $1,224.

GOLD – XAU/USD – Trade Idea

Let’s keep an eye on $1,229. The idea is to take buying positions above it for 30/40 pips. While sell entries will be preferred below $1,229 to target $1,224.

Good luck and stay tuned for more updates.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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