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GOLD managed to gain bullish momentum recently which engulfed the bearish and volatile price directions and close above $1276 area with a daily candle. As the Bullish Flag Pattern prevails, a break above $1289-90 area is expected to lead to further upward pressure.
GOLD broke through above $1276 area indicating strong bullish momentum after volatility near the support area between $1265 to 1276 for a few days.
The bullish momentum indicated the presence of bulls at the support area which is expected to lead the price higher towards the Flag resistance and break above that area as the bullish pressure continues. Gold futures jumped by nearly 1% recently, the biggest hike in almost two weeks as risk-averse investors fleeing everything from equities to oil embraced the safe-haven sanctuary of the yellow metal.
It was the largest percentage gain in a day for gold since May 15 and came despite a near-1% gain in the rival US dollar earlier in the day. Just earlier this week, gold hit a two-week low under $1275 an ounce. Now, as per current observation, the price might not have trouble pushing higher with a target towards $1300 in the coming days.
Wall Street's three key stock indexes fell by more than 1% each as investors fled from risk on fears that the U.S.-China trade war will have profound and long-term consequences for growth. The United States 10-year Treasury note fell to its lowest level since November 2017, down nearly 4% on the week, a sign of panic over the trade war.
As of the current scenario, having USD weaker with the momentum, GOLD is expected to sustain the impulsive bullish pressure it acquired recently with an engulfing. The price is currently affected by the dynamic level of 20 EMA as of the earlier bearish volatile pressure kept the average to unrest. A daily close above $1289-90 area is expected to lead the price higher towards $1300-10 or more as the Bullish Flag Pattern will be validated with the break. As the price remains above $1265 with a daily close, the bullish bias is expected to continue.
SUPPORT: 1265, 1276
RESISTANCE: 1289-90, 1300-10
BIAS: BULLISH
MOMENTUM: VOLATILE
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