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

Jun 21,2019 21:20   Source:Admiral Markets
<p> <a href="https://admiralmarkets.com/analytics/technical-analysis/gold-long-squeeze-03-06-2019"><img style="width:auto;" class="img-responsive" src="https://fxmedia.s3.amazonaws.com/articles/remote/21212d945959c53a49934d5dcb5f4866.png"></a> </p><p> <em>Source: Economic Events 03 June 2019 - </em><a href="https://admiralmarkets.com/analytics/forex-calendar"><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="https://admiralmarkets.com/analytics/traders-blog/gold-head-shoulder-strategy"> 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="https://twitter.com/realDonaldTrump/status/1134240653926232064">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="https://admiralmarkets.com/analytics/technical-analysis/gold-long-squeeze-03-06-2019"><img style="width:auto;" class="img-responsive" src="https://fxmedia.s3.amazonaws.com/articles/remote/c4d98066a246fb00b3d6a869d8d2cd8a.png" rel="width: 760px; height: 332.893px;" style="width: 760px; height: 332.893px;"></a> </p><p> <em>Source: Admiral Markets<a href="https://admiralmarkets.com/trading-platforms/metatrader-5"> MT5</a> with<a href="https://admiralmarkets.com/trading-platforms/metatrader-5"> 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!? MetaTrader 5 enables traders access to superior charting capabilities, free real-time market data &amp; analysis, the best trading widgets available, and much more! To download MetaTrader 5 now, click the banner below and receive it for FREE! </p><p> <a href="https://admiralmarkets.com/trading-platforms/metatrader-5"><a href="https://admiralmarkets.com/analytics/technical-analysis/gold-long-squeeze-03-06-2019"><img style="width:auto;" class="img-responsive" src="https://fxmedia.s3.amazonaws.com/articles/MT5_CTA-15.png" alt="Trade With MetaTrader 5" rel="" style=""></a></a> </p><p> <em>Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:</em> </p><ol> <li><em>This is a marketing communication. The analysis is published for informative purposes only and are in no way to be construed as investment advice or recommendation. 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