The precious metal gold prices rose over demand for safer investments as investors felt concerned about the outlook for global economic growth. The dollar index has begun the week with a sharp bearish turn, falling around -0.27% to trade at 95.70. That’s been trading exactly in line with our monthly forecast Why Dollar Index Might Fall in Q1 2019?

Investors boosted the demand for the yellow metal after a dovish FOMC in December. There are expectations that a three-year rate-hiking cycle in the United States has come to a close. The market expects two rates in the year 2019 now.

For now, the precious metal is trading around $1,286.55, adding +5.25 points for the day. Despite the bank holiday, gold managed to break out of the long-standing resistance level of $1,283. Now that opens further room for buying in gold until $1,290.

Trade Plan – Gold
Fellas, consider taking bullish positions above $1,285 with a stop loss below $1,283 and a take profit of $1,288 and $1,290 today.

All the best!