Gold jumps back above $1300 after North Korea accuses US of declaring war

Matías Salord FXStreet

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).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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