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Ounce gold is valued with safe port demand

Ounce gold is valued with safe port demand

It allows for the upside movement of the ounce of gold to keep the US dollar weak in forex markets. The political developments that we have followed frequently in the US wing for the past week caused the dollar to lose its strength in the global markets. The precious metal that stands out with the demand for safe port is shaped at the moment at the level of $ 1251. While the dollar index has fallen to its lowest level in the past year, we are seeing a horizontal and trading course in US 10-year bond yields. US PMI figures will be tracked in today’s data calendar. It is also expected that Trump’s brother-in-law, Kusher, will testify at the Intelligence Committee behind closed gates. It is beneficial to follow these developments closely in terms of the parity appearance.

 

Technical Analysis: The precious metal that keeps its course in the rising channel is shaped over $ 1251. The strong placement of the yellow metal on this level can counteract the nearest resistance of $ 1257 in the following periods. On the other hand, extensions below $ 1251 may cause sales pressure to accelerate from $ 1246 to $ 1240.

 

Resistance: 1257/1262/1270

Support: 1246/1240/1236              

 

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