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Gold breaks an important level

Olymp Trade

Gold has been trying to break above $ 1.315 per troy ounce for a bit more than a week. Practically all this time, it was trading in a rather narrow range of $1310-1315. Bears lowered the price to $1.300 several times but failed to get over the $1.304 support level. Having made a lot of attempts, the bulls finally got over this setback. At the time of writing, the gold spot price is $1.317.

There are still geopolitical uncertainties. Donald Trump provides the most important news for the market. His latest rhetoric has softened, he is ready to sign the budget approved by Congress to avoid a new government shutdown. Reports from the trade war with China are also optimistic - the US president promises to postpone the introduction of new tariffs if the two countries sign an agreement. However, in this case, it is better to believe the facts, not the words or tweets. This may be pushing the market participants into such a safe haven as gold.

Olymp Trade Review

Source: https://olymptrade.com/
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