Gold Exhibits Solid Buying - Brace for Sell Limit!
|The safe-haven-metal prices flashing green and hit the 4-months high near the $1547 region in the last hour mainly due to intensifying tension in the Middle East after killed a senior Iranian military official during the airstrike. Gold prices rose more than 1% on Friday.
The bullish sentiment came after reports said a U.S. airstrike on Baghdad killed QassemSoleimani, the Iranian general who led the Revolutionary Guards' Quds force.
The yellow-metal prices will likely continue trading bullish due to the possible escalation in geopolitical tensions in the Middle East. Gold prices sustained above $1545 may keep the rally towards $1555-1564 in international markets.
The gold prices marked its highest yearly gains since 2010 in the wake of unrest in regions from Chile to Hong Kong and buying sprees from key central banks and exchange-traded funds.
|
Support |
Pivot Point |
Resistance |
|
1521.26 |
1526.35 |
1534.18 |
|
1513.43 |
1539.27 |
|
|
1500.51 |
1552.19 |
Looking forward, Friday's release of the US ISM Manufacturing PMI will now be looked upon for some short-term trading directions. However, the key focus will remain on the latest FOMC monetary policy meeting minutes.
Gold - XAU/USD - Trade Setup
Sell Limit 1,552
Take Profit 1,539
Stop Loss 1,558
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