The direction of the rise of gold prices still as long as the price above US $ 1,200 region

The direction of the rise of gold prices still as long as the price above US $ 1,200 region

Gold prices traded in the middle of the European trading at $ 1220.38 an ounce unity after the height achieved by price by 1.68% in trading yesterday. The yellow metal depends on its role as a safe haven more than a slowdown in the US dollar during this period. Gold prices also supported by rising speculation that the US Federal Reserve board will not be able to raise US interest rates because of concerns about the global economy and financial volatility, as has managed the market to make sure this hypothesis after Janet certificate unrelenting annual half before Congress the previous week after the release of the minutes of the Council meeting the recent US Federal reserve which underlined the interview softens. It is still demand for the yellow metal in addition to high and especially with the concerns about the global economy and falling stock markets, the Japanese yen.

Today's strategy on Gold Prices

Baseline scenario: buying centers above the level of US $ 1218 with a primary goal of the 1240 and 1246 line as a target Tali.

Opposite scenario: below the level of US $ 1218, you can search for increasingly lower with the 1202 and 1191 line of core goals.

Pivot Point: 1218 USD

Comment: the RSI tends to climb.