Trading Gold? This North Korea tensions Gold price impact analysis from ADS Securities’ team of market analysts will aid you in your trading today.
31 July, ADS Securities – Following four straight bearish sessions, the precious metal surged in the prior session, as the US Dollar plummeted near its 13-month low, following a weak US economic data.
North Korea tensions Gold price impact
As visible on the 1H chart, the yellow metal is trading with a downside bias, indicating the presence of negative momentum in the coming session. In addition, a signal line crossover by the MACD indicator from above, further validates the above stance.
Key technical support is positioned at the $1263 level where EMA 55 is trading, followed by the $1260 and $1257 levels. A move back below the latter might lead to downside momentum in the yellow metal. On the flipside, the key technical barrier is situated at the $1271 level, followed by the $1273 and $1278 levels. A surge above the latter might trigger further bullishness in the Gold.
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