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

Gold prices surpassed six-year maximums

Gold prices on Monday start with a strong upward gap (more than 1.5%) and are now at maximum levels since March 2013.

 

The demand for gold rose sharply after the aggravation of relations between the United States and Iran. Investors anticipate a direct military conflict between the two countries. Iranian authorities have promised to avenge the death of General Kassem Suleimani, who died in a U.S. strike. Tehran also refused to comply with the terms of the nuclear deal to the full sanctions by the United States.

 

In turn, Donald Trump threatened Iran with new attacks in case of attacks on American citizens or US facilities. Trump also threatened sanctions against Baghdad, which denounced the actions of the United States. Recently, the U.S. parliament supported a resolution that calls on the government to cease any foreign military presence in Iraq.

 

Due to the lack of important news in the economic calendar, geopolitical news will have the main impact on the market. In case of increasing geopolitical risks, gold may continue to move up.

 

Regarding the chart, we can note the level of 1579.00, which locally keeps the price from further growth. But, upward pressure on this level is increasing, so today the priority scenario is growth towards 1590.00.

 

Resistance Levels: 1579.00, 1588.00, 1600.00;

 

Support Levels: 1568.00, 1557.00, 1546.00.

 

The main scenario - a breakdown of the mark of 1579.00 and an increase towards 1590.00.

 

An alternative scenario - a correctional decline towards 1568.00.

 

The fundamental outlook is positive. A strong bullish trend continues to develop on the chart, so intraday trading should be preferred. Entry points should be sought around the mark of 1568.00.

Latest news

DEPOSIT BONUS 200%: PROLONGED TILL 04 JANUARY 2021!

2020-12-04 08:57:41

Only from November 02nd, 2020, to January 04th, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]

No Deposit Bonus 100 USD – available for 3 days only!

2020-11-23 08:44:40

Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! πŸ† Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts πŸ“ How to get the bonus: 1) Register an […]