rfelchuk

GOLD: a safe heaven at times of uncertainty

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Hi guys and gerlz!

Since the world has stepped into another armed conflict, this time in Iran, assets which historically store value begin to get stronger as investors fly away from risky ones.

Looking at the weekly XAU chart one can see that major resistance levels and zones are being broken particularly overnight.

Major resistance 1558 has been successfully hit by the bulls just recently. This level is not only marked as significant seller's OB on my chart but also coincides with 61.8 Fibonacci retracement .

Next target for the bulls be like 1626. Then I expect some selling pressure from within the 1626-1676 zone as marked by the last red rectangle on my chart.

Many await a pullback to 1365 i.e. major breakout level but I think it will take quite some time before price get back there, so I rather be working under bullish trending market paradigm. Overall a new ATH seems like an idea.

Once resistance hit I think a pullback to 1510-1540 is reasonable (marked by a small green rectangle ).

Take care


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