Gold breaks to 2019 highs, with US dollar traders focused on consumer data | Metals Mine

  • Gold breaks to 2019 highs, with US dollar traders focused on consumer data

    From hantecfx.com

    With traders already seeing a glass half empty, the news of geopolitical tensions rising in the Middle East has bolstered support for safe haven assets. A couple of oil tankers being attacked around the Strait of Hormuz (a crucial waterway for oil out of the Persian Gulf is pulling oil prices higher, but also spiking tensions between the US and Iran once more. With bond yields falling again, the yen and Swiss franc are beneficiaries amongst forex majors, whilst gold has broken out to new 2019 highs. However, attention turns back towards economic data today. With what is building up to be a crucial meeting of the FOMC ... (full story)

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bigtx
Jun 14, 2019 4:11pm
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Quoting PaulVic
Having said that, gold is now in major supply zone, there will more than likely be a reversal before continuing up. Even when scalping you need to keep eye on the big picture.
Yessir, I think we will see some consolidation now before it heads higher.
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PaulVic
Jun 14, 2019 7:28am
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Quoting Guest
It reminded me of the growth of Bitcoin, everyone buys because everyone buys. There are no real reasons for the growth of physical gold; last year, in a similar situation, gold fell very much! I think Trump bought for 1200 and started all these conflicts ...
Suggest you read up on accumulation / distribution. Gold has been in a massive accumulation phase since 2013. Smart money buys early then later the heard take the price up at higher levels. Having said that, gold is now in major supply zone, there will more than likely be a reversal before continuing up. Even when scalping you need to keep eye on the big picture.
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Trader#B592
Jun 14, 2019 4:24am
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It reminded me of the growth of Bitcoin, everyone buys because everyone buys. There are no real reasons for the growth of physical gold; last year, in a similar situation, gold fell very much! I think Trump bought for 1200 and started all these conflicts ...
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