Spot gold climbed 1% to $1,503.31 per ounce at 1:36 p.m. EDT (1736 GMT ).
U.S. gold futures settled up 0.8% at $1,511.50.
“The Saudi Arabian situation is driving gold prices higher as people are looking for havens, (watching out) for any negative fallout, both economic and political,” said George Gero, managing director at RBC Wealth Management “Gold will continue to be steady on the upside if there’s an escalation.
On the 2hours time frame the price chart of XAUUSD ( GOLD ) has been spotted forming a reversal chart pattern called THE BOTTOM. A clear is seen only when the body of the candle stick close above the NECKLINE(major resistance). Traders should keep an eye on the following prices:
Resistance 1- $1511.320
Resistance 2- $1516.342
Resistance 3 -$1521.104
Resistance 4- $1525.941
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Ideas published should not be referred to as an investment advice.