Thu, Mar 30, 2023 @ 01:34 GMT
HomeContributorsTechnical AnalysisSpot Gold Skyrockets On Political Turmoil

Spot Gold Skyrockets On Political Turmoil

‘Recently a degree of uncertainty has found its way into previously seemingly bulletproof financial markets.’ – ANZ (based on Reuters)

Pair’s Outlook

The US and Russian tensions over Syria and North Korean nuclear threats are the driving force behind the surge in the value of the yellow metal. Due to the combined effect of the global political turmoil a run to safety has caused the bullion’s price to jump and touch the 1,280 level on Wednesday morning, which is a two percent increase, if compared to Tuesday’s opening price. It is most likely that the fundamentals will continue to dictate the fluctuations in the commodity price, as technical analysis has become impaired on the daily chart.

Traders’ Sentiment

SWFX traders are neutral bearish, as 52% of open positions are short. However, 56% of trader set up orders are to buy the yellow metal.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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