Gold strongest since mid-Nov, eyes 100-DMA

Gold accelerates its bullish momentum into early Asia, as the traditional safe-haven asset remains in demand as we progress towards the UK PM May’s speech, which is expected to suggest a Hard-Brexit.

Gold on its way to $ 1230

Currently, gold jumps +1.30% to fresh nine-week highs of $ 1212, now eyeing a test of 100-DMA located at $ 1221.22. The renewed uptick in gold is mainly attributed to increased flight to safety as investors look to protect their capital from the UK PM May’s Brexit speech-induced market unrest, by parking funds in the ultimate safety bet gold.

Further, gold also benefits from prevalent risk-off mode in the market, indicated by heavy declines in the Asian equities and falling treasury yields. Meanwhile, the USD index slumps -0.50% to fresh three-day lows at 100.99.

Al eyes remain on the UK PM May’s speech on Brexit, which will determine whether the bulls will retain control going forward.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1215 (round figure) and 1221.22 (100-DMA). Meanwhile, the support stands at 1202.35 (5-DMA) below which doors could open for 1195.32 (daily S2).

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

GBP/USD attempts recovery amid as Johnson's condition is in focus

GBP/USD is trading above 1.23 as the focus remains on PM Johnson's condition. The 55-year old is in intensive care, receiving oxygen and Foreign Secretary Raab is in charge.


EUR/USD rises toward 1.09 amid a better market mood

EUR/USD is trading closer to 1.09, up amid falling coronavirus cases in the old continent and as German industrial output beat expectations with 0.3% for February. New US fiscal stimulus is also eyed.


Forex Today: Dollar falls, gold up amid upbeat COVID-19 data, Boris' ICU stay causing concerns

The market mood remains upbeat, with the dollar down and Gold resuming its rally. The precious metal is getting comfortable above $1,650., Spain, France, and Germany continued reporting encouraging coronavirus figures in both the number of infections and deaths. 

Read more

Gold off highs, still positive above $1,650 amid mild risk-on

Gold benefits from a sustained risk recovery. Gold steps back from an intraday high of $1,674.15 to $1,663 during Tuesday’s Asian session. Even so, the yellow metal registers 0.20% gains while also staying near to the recently flashed four-week high.

Gold News

WTI probes $30.00 following latest recovery moves, eyes on API

WTI benefits from recent risk-on, upbeat comments from US President Trump. Oil traders may now wait for the private weekly inventory data from the American Petroleum Institute (API), prior 10.485M, for fresh direction.

Oil News