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By: Ahura Chalki
Yellow metal takes advantage of uncertain situations.
Thursday Gold price increased on doubt of Brexit deal if it will be pass in the UK parliament or not, while we can remember the same situation for PM May after she agreed with EU, the parliament in the UK, rejected her plan for three times. On the other hand, the Gold price was raising based on Geopolitical situation in the Middle East, while in the first half of the day, president T. Erdogan denied any kind of truce and negotiation with Kurds. However, after his meeting with Mike Pence, Vice President of the United States, they agreed on 5 days truce, which helped the Gold price to lose the part of gains. The EU summit in Brussels and Brexit news still is effective on the Gold price and movement.
Despite the breaking the first key resistance level at $1492, it was not able to reach the $1498 and crossover. While RSI is moving above 50-level in both H1 and H4 chart, Stochastic also remain the same bullish signals in both charts. However, the EMA crossing strategy still supports the bears in both H1 and H4 charts for now.
Pivot point: 1490.90
Resistance levels: 1498.40 / 1504.74
Support levels: 1484.56 / 1477.07
Today the expected trading range is between 1477.07 support and 1504.74 resistance.
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