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GOLD forecast price of gold XAUUSD 08.01.2020 GOLD rise in price by the aggravation of US-Iran conflict


On Wednesday morning, the price of gold jumped by more than 1% against the strengthening of the US-Iranian conflict.

A few hours after the funeral of General Qasem Soleimani, Iran struck a rocket attack on two US military bases in Iraq. Iranian Foreign Minister Javad Zarif called the strikes in self-defense, under Article 51 of the UN Charter. Donald Trump on Twitter wrote that now the United States are assessing the damage and on Wednesday morning he will make a statement. Later, the Iranian authorities have threatened new attacks on US targets and their allies (Israel and the United Arab Emirates) in the case of retaliation and further escalation of the conflict.


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Aversion of investors from risk, gold price this morning, jumped to $ 1611. At the time of writing trades survey held in the level of around $ 1595. Precious metal retains its potential for further growth in the case of escalation of the conflict in the Middle East. Now investors expect appearances by Donald Trump.

In the graph continues to develop a strong bullish trend. After correction of the level of 1611.00 price find support at 1585.00 and resumed the upward movement. In the near future we can expect further growth of quotations and retest the level of 1600.00 and 1611.00.

Levels of resistance: 1600.00, 1611.00, 1615.00;                                                 

Support levels: 1585.00, 1568.00, 1557.00.

The main scenario - increase to 1600.00.

Alternative - the breakdown of support at 1585.00 and decline to 1568.00.

Fundamental background - positive. The graph bovine predominate signals. Within days consider buying the instrument near the level of 1585.00.


Analytics and forecast gold prices  FORTFS

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