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The price of gold surged at the start of the Trading week as markets reacted to the increase in tensions between the US and Iran after a US airstrike killed Qassem Suleimani, the head of the Iranian revolutionary guard.
The intraday Trading activity sent gold up nearly 1.75 percent over the previous day during the European session, before shedding its gains to hold at 0.68 percent at the time of writing. Gold prices started rallying in the run-up to Christmas, which could have been attributed to the end of year seasonality effect. However, the recent jump in price is undeniably due to the flare-up of geopolitical tensions in the Middle East.
After protests at the US embassy in Bagdad on the 31st of December, US President Trump blamed Iran for interfering with US activities in the region and threatened further sANCtions on the country. Trump ordered the airstrike on Suleimani in the following days which triggered a strong response from Tehran, as Iran vowed retaliation. The escalation of geopolitical tensions in the region sent investors flocking to safe-haven assets and sent crude oil prices up 3.5 percent to 68.8 per barrel. In the event of retaliation from Iran, Trump stated that “the United States will quickly & fully strike back, & perhaps in a disproportionate manner“, prompting further fears of a full-blown armed conflict in the region.
From a technical point of view, gold prices surged above last year's high at 1,571.70 almost reaching the 1,590 marks. However, selling pressure kicked in strongly at the start of the US Trading session. US hedge funds may be cashing in their profits after 2 months of continuous buying activity. Gold prices should be well supported at the 1,552.40 marks as upside potential remains firmly on the table as investors await retaliation from Iran. The bullish target remains at 1,600 but immediate resistANCe will likely moderate explosive gains at the 1,571.70 level. A close above 1,571.70 will indicate continuity in the buying momentum whereas a close below 1,552.40 will likely signal a correction in the short term.
(Chart Source: Tradingview 06.01.2019)
Looking ahead, gold prices will continue to be affected by headlines on the conflict brewing between the US and Iran. The now delayed phase 1 trade deal between the US and China will likely provide further uncertainty in the markets. We can expect high volatility levels to remain in the price of gold in the run-up to Fridays Non-Farm Payroll figures.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - GOLD
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