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Markets Brush Off Geopolitics, Gold Nears Strong Support

Markets Brush Off Geopolitics, Gold Nears Strong Support

Nick Cawley, Strategist

Gold News and Prices

- Traditional risk markets left unmoved but worries persist as US likely to ramp up Russian sanctions.

- Gold nears technical support

DailyFX Q2 Trading Forecasts for gold, oil, major currency pairs and equities are now available to download for free.

Financial Markets Ignore Geopolitical Tensions for Now

Risk markets opened marginally higher in Europe Monday, despite the US, UK and France carrying out bombing raids on Syrian chemical weapon facilities late Friday. The US has also promised to impose new sanctions against Russia for supporting the Syrian regime, an action that will increase the already frosty relationship between the two countries. US Treasury Secretary Steve Mnuchin is expected to announce the new sanctions on Monday. European equity markets opened flat to +0.25%, traditional safe haven currencies the Yen and Swiss Franc were little changed while oil edged lower after last week’s bullish surge.

Gold Drifts Lower into Support

The price of gold also drifted lower in early turnover but is nearing technical support which should temper any downward move. The chart below shows 23.6% Fibonacci retracement support of the December 12 – January 25 rally at $1,335.5/oz., while the 50-day moving average currently sits at $1,331.5/oz. Further down their there is minor support from the oblique downtrend at $1,324.6. On the upside, $1,353.8/oz guards $1,362/oz. and the January high of $1,366/oz.

Gold Price Chart Daily Time Frame (August 23, 2017 – April 16, 2018)

Markets Brush Off Geopolitics, Gold Nears Strong Support

FX Trading Resources

What’s your opinion on the current market view of risk?Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at nicholas.cawley@ig.com or via Twitter @nickcawley1.

--- Written by Nick Cawley, Analyst

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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