Gold price drops slightly to $1,298

Gold price is trading near $1298 early this morning after rising to a two-week high yesterday as hostilities in Libya and the US President’s another hit to Iran grabbed market attention.

April 9, ADS Securities – Headlines concerning the Libyan National Army’s march to acquire the capital Tripoli and Donald Trump declaring Iran’s revolutionary guard as a terrorist organization helped the Gold to remain strong during yesterday’s session. Moreover today, investors welcomed the development from the UK that favored an amendment rejecting a no-deal Brexit.

The risk-off sentiment got additional support when the Trump administration announced a ban on 16 Saudi nationals from entering the US due to their roles in the murder of journalist Jamal Khashoggi. Saudi Arabia is still to respond to the ban and may generate news reports during the day.

Gold price technical analysis

Gold prices climbed to print new 2-week highs during yesterday’s session at $1303.6 per ounce but quickly reversed to settle just above the $1297 support level. The price is currently hovering around the $1298 level after the momentum peeked and looks set to regain some traction to climb higher. We will be focusing on the $1307.09 resistance level.

Chart (H4)

Gold price

Support: 1297/ 1293.78
Resistance: 1303.07 / 1307.09

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