Gold on Fire, Boosted Haven Appeal Driving Gold Crazy
Gold seems to be targeting $1,433 level and the violation which could trigger sharp uptrend until $1,455 and $1,485.
During the early Asian session, gold prices surged dramatically over continuously hiking tension in the middle east. Gold is trading at $1,431, adding around 2.3% for the day.
The US imposed further sanctions on Iran on Monday, retaliating the attack on the American drone last week. Over the period of five days, gold prices have been continuously gaining as investors opt for risk investments. For newbies, gold is considered a safe haven asset during the period of economic and political uncertainty. Thus, investors try to seek out gold. Meanwhile, all traders will pay attention to a possible rate cut at the next Fed meeting
Gold’s Technical Outlook
GOLD technical side hasn’t changed much as it continues to trade over $1,400 level, respecting the upside hurdle of $1,433. Last week, gold managed to close a weekly candle outside an ascending triangle pattern, suggesting further bullishness in gold.
For now, gold seems to be targeting $1,433 level and the violation which could trigger sharp uptrend until $1,455 and $1,485.
Support Resistance
1407.42 1431.9
1391.91 1440.88
1367.42 1465.36
Key Trading Level: 1416.39
Gold – Trade Idea
Fellas, let’s keep an eye at $1,416 level as the precious metal is likely to stay bullish above this level. Alternatively, gold can stay bearish below $1,435 and bullish above the same level.
Good luck!
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