Gold Dips Despite Safe Haven Appeal – Theresa May Calls off MPs’ Vote
The precious metal gold trades bullish at $1,245 after testing the resistance come support level of $1,241.On the 4 hour chart, gold ha...
Arslan Butt•Tuesday, December 11, 2018•1 min read
The British Prime Minister Theresa May has called off Tuesday’s parliamentary vote on her Brexit agreement. The idea is to borrow some time to go back to Brussels and ask for changes to it.
The Sterling crashed and triggered the demand for haven assets after Theresa May admitted that the deal “would be rejected by a significant margin” if MPs voted on it.
The only difference this time is that gold remained steady despite the safe haven appeal and investors preferred to move their investments into the dollar.
The fact is, the dollar is benefiting due to trade war sentiment and a dramatic weakness in Sterling due to the sudden delay in Parliamentary votes.
Technical Aspects of GOLD
- On Tuesday, the precious metal gold trades bullish at $1,245 after testing the resistance come support level of $1,241.
- On the 4 hour chart, gold has formed a bullish channel which is also supporting it near $1,241.
- The RSI and Stochastic are also trading bullish above 50, pointing towards bullish bias.
- Gold can face resistance at $1,250 and the violation of this level can direct it towards $1,255.
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ABOUT THE AUTHOR
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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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