Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Gold hits fresh 3-month high on geopolitical tension, good to buy on dips

Ichimoku Analysis (Daily chart)

 

Tenken-Sen- $1502.25

 

Kijun-Sen- $1490.50

 

Gold continues to trade higher and jumped more than $25 US-Iran geopolitical tension. The US on Friday attacked Baghdad airport and Iranian Gen Qassem Soleimani killed. This has increased demand for Safe-haven assets like yen, gold.

 

US 10- year bond yield has lost more than 4.5% after hitting a high of 1.95%. The spread between US 10 and 2-year has slightly narrowed to 30 bps from 34 bps.

 

The pair is holding well above $1500 for 6th consecutive days and any break above $1555 confirms bullish continuation.

 

On the flip side, nearby significant support is around $1516 (5- day MA) and any violation underneath will drag the gold down till $1500/$1470.

 

 It is good to buy on dips around $1515-18 with SL $1500 for the TP of $1555

 

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.