Wednesday, September 06, 2017

Gold Keeps Moving North



Investors turning to trading Gold when there is tension in world politics is an old rule. Considering the North Korean nuclear tests, which have caused so much tension on the world politics stage, it is completely reasonable that in the past few months Gold has been moving exclusively to the upside.

Gold did not even recover the gap that formed when the market opened after the latest North Korean nuclear test and I do not think the precious metal will recover it soon.

For the moment Gold is range-bound around $1330 – $1340 and it appears that it is forming a flag. So far there is not confirmation for that and for there to be one Gold needs to reach a trend line for the fourth time.

Despite that, in my opinion, the closest target for the moment is the resistance around $1375 which is the last high formed in July 2017.

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