Gold technical analysis

Andrew Masters FIBO Group

The gold price is powering ahead today, racking up its fourth straight day of gains as political tensions boil over between the US and North Korea with the later threatening to strike the US Territory of Guam.

The news sits well for gold as investors rush to the precious metal as a safehaven and with the potential war like situation expected to continue, further gains are expected,

"Amid all the sabre-rattling, we expect gold prices to continue to move higher and likely cross the $1,300 an ounce mark in relative short order," said INTL FCStone analyst Edward Meir.

From a technical side, gold has found a solid base at $1,276 which was yesterday’s closing price and we expect gold to make a run for the $1,285 mark today or tomorrow which was formerly a resistance level.

This will become the support level as it makes its way to $1,300 and around this mark it may be time to exit long positions and book in some profits.

Author

Andrew Masters

FIBO Group

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