Will gold be fueled by US uncertainty?


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.

Will gold be fueled by US uncertainty?

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