GOLD: The Gold Rush Continues to $1325.00

Published date: 29/01/2019
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Last weeks Gold analysis was shot out of the water on hopes that the U.S. Federal Reserve will keep interest rates unchanged during its 2-day policy meeting later this week. Mooning to almost 1304.00 on Friday afternoon, Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity costs of holding non-yielding bullion. 

With the long-awaited breakout above 1300.00  key level of resistance, it is likely to see further upside for Gold from a technical perspective. 

The Fed meeting this week could also be a catalyst for further USD selling pressure, as could positive Brexit developments, reinforcing the long bias on Gold. 

Technicals for the DXY  are looking interesting at the moment as we have fallen back into the 95.50-96.00 range but haven't yet retested the bearish trend line after breaking above it last week, this area could prove a strong support floor alongside the 95.00 level. Just something to bear in mind for Dollar downside headwind against Gold's upside potential. 

Upside targets for Gold are;

Target 1 - 1313.00

Target 2 - 1325.00

 

Written by Sam Moore

Instagram - @Moore_Fx

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Comments

  • GOLD: The Gold Rush Continues to $1325.00
    Amar Khalique says:
    29/01/2019

    Another great setup from Moore FX!! Keep them coming!

  • GOLD: The Gold Rush Continues to $1325.00
    Tommy simpson says:
    29/01/2019

    Gold will catapult!!

  • GOLD: The Gold Rush Continues to $1325.00
    Tommy simpson says:
    29/01/2019

    Gold will catapult!!

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