Gold reconquers 1,310 USD – are we about to squeeze higher?
Into the start of the new week of trading, we want to take a deeper look at
GOLD
.
From a technical perspective the outlook switched to bullish with the head-shoulder formation staying active with the yellow metal trading over 1,310 USD into the start of the week.
The main driver seems to be US president Trump's tweet on Friday, announcing imposing tariffs on Mexico, which resulted in a risk-off mode in financial markets with 10-year US Treasury again making new lows and targeting 2%, leaving gold gaining bullish momentum and closing the week above 1,300 USD.
By reconquering 1,310 USD into the start of the week, further gains up to 1,325 USD are to be expected. Still, we only see this level as a potential stop-over up to the current yearly highs of around 1,347 USD.
Ready to start trading the live markets? Then open a free account with Admiral Markets - 8,000+ instruments to choose from, some of the market's tightest typical spreads, and the world's #1 multi-asset trading platform. admiralmarkets.com/start-trading/
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% 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.
GOLD
. From a technical perspective the outlook switched to bullish with the head-shoulder formation staying active with the yellow metal trading over 1,310 USD into the start of the week.
The main driver seems to be US president Trump's tweet on Friday, announcing imposing tariffs on Mexico, which resulted in a risk-off mode in financial markets with 10-year US Treasury again making new lows and targeting 2%, leaving gold gaining bullish momentum and closing the week above 1,300 USD.
By reconquering 1,310 USD into the start of the week, further gains up to 1,325 USD are to be expected. Still, we only see this level as a potential stop-over up to the current yearly highs of around 1,347 USD.
Ready to start trading the live markets? Then open a free account with Admiral Markets - 8,000+ instruments to choose from, some of the market's tightest typical spreads, and the world's #1 multi-asset trading platform. admiralmarkets.com/start-trading/
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% 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.
