Gold: January 07 Review

Published 08-01-2020, 11:05 am

Gold: January 08 review

Gold prices traded near six years high again today also as traders await US's next move after Iran's attacks.

Gold prices rocketed to $1610.00+ an ounce after Iran attacked the U.S. And made a high @1612.95 range today, the highest level since 2013.

The move on Iran's first response killing of General Qassem Soleimani by a U.S. airstrike last week. It was not clear if there were any casualties or major damage from the attacks. After the attacks, Iran’s foreign minister said it had “concluded proportionate measures in self-defense” and is not seeking war.

All Asian stocks traded and European futures also traded down.

Dow opens slightly lower yesterday, but the market crashed more than 400+ points due to Iran strike at the US military area. Dow 30 futures, March contract traded -80 point, down -0.27% at morning Asian sessions.

US Dollar Index futures, March contract traded $96.580 range and made a last 7 days high@96.795 yesterday against all major currencies.

US Dollar Index and Gold prices traded inversely effect at that time of global crisis and geopolitical tensions.

Palladium prices reached a record high $2042.91 range today and it rose more than 50% last year as the best performing commodities on 2019 year.

Traders will also keep on focus for Friday's US job's data and next movement for Fed monetary policy decision.

On US-China trade war, both countries will expected to sign phase 1 trade deal as on 15th Jan, 2020. And we should also keep an eye for phase 2 trade deal.

By 05.45 AM IST, Gold futures, February contract traded $1611.55 range, up +1.90%.

Expectation of profit booking in precious metals today.

Intraday and weekly strategy for Gold is given below.

Entry point - $1611.90- $1615.00 range

And keep R1 $1628.50

And wait S1 $1570.00

And wait S2 $1560.50

And wait S3 $1549.00

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