Last week Senator Al Green called for Trump impeachment. Will gold be fueled by US uncertainty? ADS Securities has an answer.
22 May, ADS Securities – The precious metal traded in the green in the prior session amid a weaker greenback as political worries surrounding the US President, Donald Trump’s administration boosted the demand of safe-haven asset. Gold finished at $1253.60 on Friday, after notching a high at $1256.40.
Will gold be fueled by US uncertainty?
As of now, the metal is trading with a weak bias on the 1H chart, reflecting at a bearish technical outlook. Moreover, the MACD is attempting a centreline crossover to trade in the negative territory, further substantiating the above stance. Immediate support is positioned at the $1250 level, followed by the $1247 and $1245 levels.
A clear breach below the latter might turn the main trend to bearish. On the contrary, key resistance is located at the $1255 level, followed by the $1257 and $1260 levels. A surge above the latter might lead to further acceleration to the upside.
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