1.
$Gold - main 2508(GCmain)$ The price of gold surged nearly 3 per cent as President Donald Trump's tariff threats heightened trade tensions, fuelling investor demand for safe-haven assets, coupled with a heavy fall in the US dollar.
Gold closed Monday's session surging $93.01, or 2.83 per cent, at $3,381.68 / ounce.
The U.S. dollar index plunged nearly 0.8 per cent on Monday. The dollar's heavy losses have made dollar-denominated gold cheaper for holders of other currencies.
U.S. President Donald Trump said on Friday he would raise tariffs on U.S. imports of steel and aluminium to 50 percent from the current 25 percent, effective June 4th. This has once again disrupted international trade, according to British news agency Reuters.
2.
Technicals:
The gold price has a bullish bias as buyers pushed the spot gold price above $3,370, targeting a clear break above $3,400. The Relative Strength Index (RSI) suggests that buyers are gaining momentum.
If gold climbs above $3,400, the next resistance level would be the May 7 high of $3,438 and then the record high of $3,500.
For the bearishness to resume, gold would have to fall hard below 3,300, in which case sellers could drag it to $3,250. If gold loses these levels, the next target would be the 50-day simple moving average (SMA) of $3,228, followed by the April 3 high of $3,167 turned support.
Expect today's trading range to be at 3410-3350! Trade to stay in buy trades!
For whom haven't open CBA can know more from below:
🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!
Find out more here：
Comments