Gold jumps back above $1300 after North Korea accuses US of declaring war
|Gold jumped following comments made by the North Korean foreign minister that increased the demand for safe-havens. The yellow metal rose more than $10 in a few minutes recovering the 1300.00 level.
North Korea's foreign minister Ri Yong Ho said that US President Trump comments over the weekend were a declaration of war. Equity prices in Wall Street dropped after the comments while US bonds rose further. In the currency market, the yen and the Swiss franc printed fresh highs.
N. Korean ForMin: Trump's comments over weekend were clearly a declaration of war
The value of the ounce climbed from 1293 and rose to 1306, reaching the highest level since Wednesday. At the moment, it is trading at 1304 up $8 from Friday’s close. It remains with a bullish tone.
Gold is gaining for the second day in a row and continues to recover after falling last week to 1288, the lowest in four weeks.
XAU/USD Technical levels
To the upside, resistance levels could be located at 1310, 1315 (Sep 20 high) and 1320 (20-day moving average). On the downside, support might lie at 1299 (Sep 22 high), followed by 1288 (last week low) and 1280 (Aug 22 low).
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.