Gold price fired from 1480$ to 1580$ in less than a week. Major move came from 1520$ to 1580$ when US killed one Irani Commander in an Air Strike. Gold price firing as middle east tensions rising. Iran situation escalated over weekend again when President Trump threaten to impose sanctions on Iraq.
Iraq parliament passed a resolution to vacate US army personnel from Iraq. Trump retaliated right after with sanctions and asked to give billions which they spent on infrastructure in Iraq. Middle east tensions is just one part . Iran also announced that its backing out from its 2015 original nuclear deal. This could also trigger President Trump and he may wage war against Iran just on assumption that now Iran will posses a nuclear weapon.
Chinese deal is still unclear and we still dont have how talks are going on. Iran tensions have curtail another important factor from market which is a big uncertainty on its own. We may see China news very soon once Iran tensions settles down in few weeks.
President Trump senate trial will be coming this month as well. Now senate also have one more reason to impeach president. Speaker Nancy Pelosi already urged congress to limit President’s war powers. This would also result in more tensions around the market.
Currently gold price is trading at 1573$. Xauusd is trying to calm down as its retracing back from 1588$ from its early morning highs. We may see some more retrace before more upside. However if things calm down in middle east then we may head up towards a bloodbath in gold price. Its a big IF to sell on these levels.
Good support in xauusd chart stands at 1565$. If trader breaks and sustain below 1565$. Then expect good pressure in gold till 1555$- 1547$.
Resistance in gold stands at 1591$. If trader break and sustain above 1591$. If trader break and sustain above 1591$. Then expect more rise in comex gold till 1611$- 1641$.
Conclusion Xauusd is driving purely on news. Avoid selling when markets are on highs. Watch levels extremely careful and place an extremely tight stop loss. Current trend of gold is positive. Dollar Index also in free fall mode since Friday. So keep an eye on dollar too.
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