Gold Soars Over Haven Appeal – Dovish Fed Plays

Arslan Butt•Friday, July 19, 2019•1 min read

The precious metal gold showed strong bullish trends during the Asian session due to escalating concerns in the Middle East and mounting expectations of aggressive Federal Reserve rate cut. The US Federal Reserve President John Williams announced in a speech that the Federal Reserve will perform immediately to support the economy as its better to take preventative measures than to wait for disaster to unfold.

The dovish statement certainly drove sharp bullish price action in GOLD, as investors headed towards safe-haven assets to park their investments amid surprisingly dovish remarks from John Williams.

Coming to the technical side, the precious metal gold has violated the ascending triangle pattern which provided solid resistance at $1,437. Anyhow, the resistance is violated now, and it’s working as a support.

The ascending triangle breakout has opened the room for gold to reach to 1,450 and 1,460. Gold may test these trading levels in the coming week as we don’t have any special economic event to drive fluctuations in the market.

Support Resistance

1424.23 1457.78

1402.68 1469.79

1369.12 1503.34

Key Trading Level:1436.23

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ABOUT THE AUTHOR See More

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.