In morning trading on Friday, gold is trading with an increase of more than 1% on news of the death of the Iranian General Qassem Soleimani as a result of US air strikes. Iran's Supreme Leader Ali Khamenei has declared the upcoming "harsh revenge criminals" killed Gen. Soleimani. Later, a similar statement was made by Iranian Defense Minister Amir Khatami. Investors fear a serious escalation of the conflict between the US and Iran, and are actively buying defensive assets (gold, the Japanese yen, and others.). Some experts do not rule out a direct military confrontation between the two countries.
Against the background of aggravation of geopolitical risks now we can expect the further development of an upward movement in gold. Just impact on trade can provide data on the PMI of the manufacturing sector of the US ISM.
In the graph there was a breakdown of the resistance at 1530.00. This signal towards further development of a bullish trend for the purpose at the level of 1555.00.
Levels of resistance: 1555.00, 1565.00, 1575.00;
Support levels: 1537.00, 1530.00, 1515.00.
The main scenario - increase to 1555.00.
Alternative - the breakdown of support at 1537.00 and decline to 1530.00.
Fundamental background - positive. In the graph develops a strong bullish trend, therefore, preference is given within the day shopping tool. Entry points should be considered at the level of 1537.00
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