seems to be a haven asset for investors in terms of tensed siituations all around the world. Iraq is a key oil
market player and there also is a difficult situation. Rebel activity in the North of the country has forced the U.S. to send to Iraq 300 military advisers. From the point of view of technical analysis
there was a lot of tips and trading signals. After the 2 months support consolidation of $1280 break up, Gold
fell down and found its low of $1240. We had lots of levels to push off ($1240, $1250, $1260, $1270), and also the break ups of resistance. There also were some trading opportunities when the yellow metal reached its potential resistance rate of $1280-$1285 and then it fell to $1258. Buyers have restored a support rate of $1264 and also a 8/21 EMA
. Struck $1272 and resistance in control of the movement of the moving averages reached the previous high penetration which attracted a lot of buyers. The price fastened and set a high of $1321 in an inflamed move. I’ll use Fibonacci levels to measure the buyers’ strength. The higher they hold up the price, the more chancese for an upward movement resumption there would be. The first potential support is around 38% 1306.59, and $1302 after that.
Check my previous ideas on Gold
in the link below