Admiral_Markets

Gold with a very bullish push–1,650/700 USD as target activated

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
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.

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