Market Cap:
$270.8B
BTC Dominance:
67.87%
btc:
$10315.66
eth:
$189.71
xrp:
$0.27
Advertise
Forex

Gold technical analysis - Price surges higher to 3-month tops

ADS Securities | Jun. 4, 2019
Gold technical analysis - Price surges higher to 3-month tops

Gold price continues scaling higher through the early European session on Tuesday and touched over three-month tops, around the $1329-30 region in the last hour.

4 June 2019, AtoZ Markets – With the rising speculations of global economic slowdown, coupled with Fed’s rate cut, Gold prices are on the bids this morning following a huge surge in prices during yesterday's session. The yellow metal trades close to the March high as sluggish data-points from the US and comments from one of the Fed policymakers raised prospectus of the rate cut by the US Federal Reserve. Another important aspect of the present price rally is the US-led challenges to global trade mechanism. The global risk barometer which is the 10-year US treasury yield, down to near September 2017 lows. Latest trade headlines suggest nearly $117 billion of losses due to the Trump administration’s Mexican tariffs while China is actively speaking against the US trade protectionism in media.

Gold price technical analysis

Gold prices continued to fly up during yesterday's session printing new highs, and closing up on March's highs in an extreme overextended move. The price is currently trading just below the 1326.20 resistance level as the yellow metal is positioned in an extreme overbought condition. The move should be exhausted by now, however, the price may rally more before we focus on a correction or consolidation.

Support: 1307.09 / 1304.67
Resistance: 1310.38 / 1312.67

Chart (H4)

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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.