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Published on 7/03/2018 11:38:49 AM | Source: Enrich Commodities India Pvt Ltd

Gold prices climbed up as lessening geopolitical insecurity was balanced by a drop in the dollar - Enrich Commodities

GOLD

Gold prices climbed up as lessening geopolitical insecurity was balanced by a drop in the dollar amid the current worries over the outlook of a global trade war, and speculation that economic advisor Gary Cohn could step down should Trump proceed with plans to impose tariffs.

Geopolitical uncertainty on the Korean peninsula eased amid reports that North Korea is open to denuclearisation should the safety of its system be guaranteed.

The yellow metal rose to a nearly seven-day high after the dollar slumped weighed by fresh political uncertainty in Washington and ongoing worries over a trade war.

Technical outlook

Gold 4-hour chart has formed a long-term “Triple bottom chart” pattern. The last few sessions been bullish in trend. The market is expected to continue in bullish momentum once the same breaks above a key resistance holding at $1345(30705). The upside rally could test all the way through $1350-1360(30830-31080) levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test $1330-1320(30330-30080) levels. Key Support holds near $1320(30080).

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