Please note-Trailed Stop loss at $1540(long entered at $1515) within our gold trading position has been reached Hence position is closed with Profit. At the moment we are not holding any position in our portfolio however, we’ll inform you as always before adding any trading positions within our portfolio.
As we are publishing this report Gold is trading at $1550 per ounce however the white metal is hovering around $17.90.We have seen Gold prices reaching $1611 an ounce last week due to the severe conflict between the U.S. and Iran which involves the U.S. killing of the Iranian general Qassem Soleimani and Iran’s missile attack near U.S. troops in Iraq. However the softening of geopolitical tension between both nations along with the signing of a phase-one trade agreement between the United States and China on Wednesday, January 15 helped supporting investor’s and traders’ risk appetite. As a result gold prices Fell as much as $71 /oz from the recent peak, to trade near $1,550/oz currently. On Wednesday, Jan 15 we have also witnessed Dow Jones Industrial average reaching it’s all-time highs and closed above 29,000 for the first time ever.
Summary-At the moment we are not holding any position in our trading portfolio even though we think that gold could drop to a range of $1515-$1525 it’s better to patiently wait at the time in order to have strong conviction towards the upcoming position. Any drop in the prices of Gold between the range of $1515-$1525 or near the psychological resistance resides at $1500 per ounce could be a bargain and may push prices higher which implies that something relatively drastic would need to occur for these support levels to be broken. The U.S.-China trade war, Brexit, weak manufacturing data, The uncertain macroeconomic environment, possible re-escalation of the U.S.-Iran tensions. Growing fears of a global economic slowdown or recession and upcoming U.S. presidential election all are supporting the Precious metal sector especially the yellow metal. Our current bias towards the sector is bullish and even though we are not holding any position we believe any correction should be seen as an opportunity to enter a long position between the range of $1515-$1525 or near the psychological resistance resides at $1500.
As we are publishing this report Gold is trading at $1550 per ounce however the white metal is hovering around $17.90.We have seen Gold prices reaching $1611 an ounce last week due to the severe conflict between the U.S. and Iran which involves the U.S. killing of the Iranian general Qassem Soleimani and Iran’s missile attack near U.S. troops in Iraq. However the softening of geopolitical tension between both nations along with the signing of a phase-one trade agreement between the United States and China on Wednesday, January 15 helped supporting investor’s and traders’ risk appetite. As a result gold prices Fell as much as $71 /oz from the recent peak, to trade near $1,550/oz currently. On Wednesday, Jan 15 we have also witnessed Dow Jones Industrial average reaching it’s all-time highs and closed above 29,000 for the first time ever.
Summary-At the moment we are not holding any position in our trading portfolio even though we think that gold could drop to a range of $1515-$1525 it’s better to patiently wait at the time in order to have strong conviction towards the upcoming position. Any drop in the prices of Gold between the range of $1515-$1525 or near the psychological resistance resides at $1500 per ounce could be a bargain and may push prices higher which implies that something relatively drastic would need to occur for these support levels to be broken. The U.S.-China trade war, Brexit, weak manufacturing data, The uncertain macroeconomic environment, possible re-escalation of the U.S.-Iran tensions. Growing fears of a global economic slowdown or recession and upcoming U.S. presidential election all are supporting the Precious metal sector especially the yellow metal. Our current bias towards the sector is bullish and even though we are not holding any position we believe any correction should be seen as an opportunity to enter a long position between the range of $1515-$1525 or near the psychological resistance resides at $1500.
