Gold technical analysis 1

Open demo account
FOREX trading implies serious risk and can result in the loss of your invested capital

Financial and commodity markets analytics

As we predicted yesterday, gold has hit the $1,285 mark in today’s trading which we also noted would become the new support level on its way to $1,300 and beyond.

While the threat of nuclear war between the US and North Korea is going to keep gold well supported as a safehaven asset, CPI figures from the US later today may be just what gold needs to push significantly higher.

. A disappointing figure is likely to leave the market predicting that the US Federal Reserve is finished with their rate hiking cycle this year, which is bound to benefit gold and should see it make a higher top beyond $1,294 and from a technical point of view will be very bullish.

If the CPI figures surprise on the upside we may see the price pull back to the former resistance level of $1,279 over the short term before reversing and continuing the uptrend.

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.


The world of trading has no boundaries

IMPORTANT: Please be informed, that our services are available for Professional Clients only. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.