Gold with a very bullish push–1,650/700 USD as target activated
Driven by the recent developments in the Middle East last beginning last Friday and continuing through to today, as fears rise that a war between the US and Iran could be about to start, Gold profited from the resulting risk-off mode.
As 10-year US-Treasury yields drop, Gold took on momentum, driven also by the bullish seasonal window from Mid-December through Mid-January (displayed in orange).
While the mode looks a little extended on the upside, the yield-sensitive precious metal is also known for its trend stability, meaning that we could see a direct push up to the next potential target region of around 1,650/700 USD.
Technically, the break above the 2019 yearly highs around 1,557 USD is a clear bullish sign, with 1,557 USD and below 1,520/525 USD acting as potential long trigger.
On a daily time-frame Gold stays bullish as long as we trade above 1,440/450 USD.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
As 10-year US-Treasury yields drop, Gold took on momentum, driven also by the bullish seasonal window from Mid-December through Mid-January (displayed in orange).
While the mode looks a little extended on the upside, the yield-sensitive precious metal is also known for its trend stability, meaning that we could see a direct push up to the next potential target region of around 1,650/700 USD.
Technically, the break above the 2019 yearly highs around 1,557 USD is a clear bullish sign, with 1,557 USD and below 1,520/525 USD acting as potential long trigger.
On a daily time-frame Gold stays bullish as long as we trade above 1,440/450 USD.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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