Gold ends the day with a big gain through 1310 psychological level

Ross J Burland FXStreet

Gold is currently trading at 1311.39 having posted a high of 1311.68 and a low of 1289.46.

After posting a weekly decline of more than 2% on Friday, on Monday, gold rallied to the highest level in more than a week due to mounting tensions between the U.S. and North Korea.

Pentagon: Will provide Trump options if North Korea provocations continue - Reuters

Spot gold rallied to 1310.48 from a low of 1289.46 and finished sharply higher equating to around 50% of the decline of last week's trade recouping roughly half of last week’s loss due to the announcements from N.Korea that they will test a hydrogen bomb in the Pacific Ocean and after North Korea's Foreign Minister Ri Yong Ho accused US President Donald Trump of declaring war on his country by tweeting over the weekend that North Korea "won't be around much longer."

Gold levels

Technically, however, gold remains in bearish territory below the rising channel's trend support line, (23.6 Fibo), around 1323. To the downside, 1304 and the 38.2% Fibo level of the rise measured between 1204.81 to 1357.53 at 1299.20 are immediate support levels. Further out, gold bulls need to get back above the double top highs, the 1334 zone for a defining change of course.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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