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GOLD- Moving Higher Ahead Of A Possibility Of The Us Government Shutdown

ByAvaTrade
AuthorAvaTrade
Published 09/26/2013, 07:24 AM
Updated 02/02/2022, 05:40 AM
Fundamental Analysis

The precious metal is moving higher today as we are seeing traders closing their bearish bets and positioning themselves for the US government shutdown. While the US politician continue to battle for their grounds on debt ceiling, the volatility for the precious is increasing. If the situation continues like this, we could very well see a government shutdown in the US which could be reflected in higher gold prices.

Technical Analysis

Focus: The precious metal needs to stay above the $1300 psychological level to confirm the uptrend. A break below the 1291 support area could open the floor toward the next target of $1249.

Strategy in Play

The precious metal is trading above the upward trend line on a 30 minute time frame. The yellow metal is trading above the 50 day (shown in green) and 100 day (shown in yellow) moving averages which confirm that the bulls are in strong control.

The RSI is trading in line with the price action which means that the bias could be to the upside.
Gold
Important Zones

Resistance zone
1400-1391 Major
1359-1351 Minor

Support Zone
1297-1291 Minor
1249-1241 Major

Disclosure & Disclaimer:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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