Gold reconquers 1,310 USD – are we about to squeeze higher?

Jun 21,2019 21:20   Source:Admiral Markets
<p> <a href=""><img style="width:auto;" class="img-responsive" src=""></a> </p><p> <em>Source: Economic Events 03 June 2019 - </em><a href=""><em>Admiral Markets' Forex Calendar</em></a> </p><p> Into the start of the new week of trading, we want to take a deeper look at Gold. </p><p> From a technical perspective the outlook switched to bullish with the<a href=""> head-shoulder formation</a> staying active with the yellow metal trading over 1,310 USD into the start of the week. </p><p> The main driver seems to be US president Trump's <a href="">tweet</a> on Friday, announcing imposing tariffs on Mexico, which resulted in a risk-off mode in financial markets with 10-year US Treasury again making new lows and targeting 2%, leaving gold gaining bullish momentum and closing the week above 1,300 USD. </p><p> By reconquering 1,310 USD into the start of the week, further gains up to 1,325 USD are to be expected. Still, we only see this level as a potential stop-over up to the current yearly highs of around 1,347 USD. </p><p style="text-align: center;"> <a href=""><img style="width:auto;" class="img-responsive" src="" rel="width: 760px; height: 332.893px;" style="width: 760px; height: 332.893px;"></a> </p><p> <em>Source: Admiral Markets<a href=""> MT5</a> with<a href=""> MT5SE Add-on</a></em><em> Gold Daily chart (between 01 March 2018 to 31 May 2019). Accessed: 31 May 2019 at 10:00 PM GMT</em> </p><p> <em>Please note: Past performance is not a reliable indicator of future results, or future performance. </em> </p><p> In 2014, the value of Gold fell by 1.7%, in 2015, it fell by 10.4%, in 2016 it increased by 8.1%, in 2017 it increased by 13.1%, in 2018, it fell by 1.6%, meaning that after five years, it was up by 6.4%. </p><h2> Trade with MetaTrader 5 </h2><p> Did you know that Admiral Markets offers traders the number 1 multi-asset trading platform in the world - completely FREE!? 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