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.
Support: 1297/ 1293.78
Resistance: 1303.07 / 1307.09
ADS Securities Risk Disclaimer
This article was provided by ADS Securities analysts.
Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.
All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.