Gold climbs to new record high $3,318 as tariff war escalates – Is a peak nearby?
|-
Tariff war escalations drive safe haven demand for Gold.
-
Gold climbs to new record high $3318.
-
Bulls eye for $3350 and beyond.
-
Support seen at $3288-$3265.
Gold continues to attract buyers as tariff war escalations drive safe haven demand for the precious metal triggering strong bullish rally to set a new racord high at $3318
Immediate support sits at 43288 below which next support is seen located at $3380-$3365 while $3245 is horizontal demand area which has witnessed post consolidation breakout in Gold prices.
Bulls need to clear through $3318 in order to extend momentum towards next upside targets $3333 followed by $3350
Note: RSI on Monthly time frame reads 85 which urges caution on heights as these unprecedented heights can witness strong profit booking and downward shift in momentum in the event of any positive developement on the tariff front which has infused risk premium in Gold prices.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.