Gold analysis – 6 Jan 2020

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By: Ahura Chalki

Gold and the insecure world!

Tensions in the Middle East rose to its highest level since the Iran- Iraq war (1980-1988). Again tensions and the same countries involved, but this time, not against each other, along with each other. The US army kills an Iranian high military leader, Iran threatened American military base all around the Middle East, Us threatened “52 Iranian sites, some of the very high level & important to Iran and Iranian culture and those targets, and Iran itself, will be hit very fast and very hard.” (Trump Tweeted) and finally, Iraq to Expel US Troops and Iran Cancels Nuclear Agreement. What can be worse than that? The world is leading to WWIII, by the world’s greatest peace claimants. Everything in favor of Gold’s bulls. The $1600 level, which was predicted for the year-end, seems is available in the very beginning!

Gold Technical analysis:

Technical indicators mostly remain of more bulls and overbought area. EMA crossing strategy supports the bulls, same as Parabolic SAR and Heiken Ashi candles in H1, H4, and Daily charts. RSI and Stochastic both moving at the overbought area, signaling of correction, which is happening now and Gold is down to $1574, from earlier 6 years high at $1586.72.

Pivot point: 1545.77

Resistance levels: 1563.78 / 1571.27 / 1582.77

Support levels: 1538.28 / 1520.27

Today, the expected trading range is between 1538.28 support and 1582.77 resistance.


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