XAUUSD has broken the ascending channel

3 thg 1, 2020

Rising tensions in the Middle East, between the U.S. and Iran, led the investors to avoid risky moves on the last trading day of the week. Gold Spot, which is the most important instrument of the safe-haven assets headed for the highest level in the last 4 months. Technically, Gold Spot has broken the ascending channel pattern with aggressive buying movements. Due to the nature of the pattern, we expect the upward movements to continue in the precious metal. If we observe closing movements above the upper barrier of the channel, the upward movements may reach the critical resistance level of 1554, located above 1550. In possible profit realizations, 1540 support below 1544 will be on our radar.