Gold
Gold prices fired last night and tested 1311$ after UK’s parliament rejected hard brexit. There is another discussion on table whether they should increase the deadline of 29th March or not. Gold likes uncertainty and this is what driving gold prices higher. We still dont have clear idea whether UK will be able to exit from European Union or not. There is too much politics involved and too much uncertainty.
Gold is extremely favorable to these uncertainties and its driving gold prices higher due to that. Last night gold gains were supplemented by weak dollar index as well. Now all eyes on Fed which is announcing its interest rate decision next week. Next week UK parliament will vote again on Brexit. So there would be two major triggers next week. Gold prices are very sensitive towards uncertainties and between US, China trade war, Brexit and dovish fed all are supporting gold prices. We might see good higher prices in upcoming weeks. So stay cautious if you are going in sell mode.
Currently gold price trading at 1304.30$. Good support in xauusd chart stands at 1297$. If traders break and sustain below 1297$. Then expect good pressure till 1290$- 1282$.
Resistance in xauusd stands at 1311$. If traders break and sustain above 1311$. Then expect good rise in gold prices till 1318$- 1326$.
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