flag-gb flag-my flag-zh flag-id flag-th flag-vi

Gold prices are at the two-month high

At the markets opening on Monday, gold prices continued to move up and set a new 2-month high value. The price was supported by the reports of US striking the Hezbollah facilities in Iraq and Syria which could aggravate relations between the US and Iran even further. Within the framework of such tense geopolitical news, the prices for gold as the main protective asset have risen.

Uncertainty around the US-China trade relationship continues to support gold prices even further. It is expected that the interim foreign trade agreement will be signed in January 2020, but so far the parties have not published the details of this agreement.

Bullish signals still prevail on the chart. The price practically does not react to a strong resistance level of 1515.00. The upward pressure intensifies. Therefore, the main scenario is the breakdown of the level of 1515.00 and growth towards 1530.00.

Resistance Levels: 1515.00, 1530.00, 1555.00;

Support Levels: 1507.00, 1490.00, 1475.00.

The main scenario - a correction towards 1507.00 and further upward movement.

An alternative scenario - a breakdown of support at the level of 1507.00 and a decline towards 1490.00.

The fundamental outlook is moderately positive. Bullish signals prevail on the chart. Within the daily framework, we would consider longs around the level of 1507.00.

Latest news

Chinese New Year

2020-02-03 07:08:28

Dear traders and partners, FortFS is happy to congratulate all Traders on the Year of the Metal Rat and to launch the annual Chinese New Year promotion! From February 03 to March 03 you will be able to receive a cashback of 10% for every deposit from 100 USD. Deposit minimum 100 USD or more, […]

Welcome Bonus 100 USD

2020-01-28 09:58:32

Dear Traders, Make sure to receive $100 on your trading accounts only from the 27th to the 31st of January! Welcome Bonus 100 USD is the best way to start trading and test all of the Company’s products! The bonus features: Withdrawal of up to 100 USD 75 lots of trading turnover A two-week testing […]