Gold Exhibits Solid Buying - Brace for Sell Limit!

EagleFX Team EagleFX

The safe-haven-metal prices flashing green and hit the 4-months high near the $1547 region in the last hour mainly due to intensifying tension in the Middle East after killed a senior Iranian military official during the airstrike. Gold prices rose more than 1% on Friday.

The bullish sentiment came after reports said a U.S. airstrike on Baghdad killed QassemSoleimani, the Iranian general who led the Revolutionary Guards' Quds force.

The yellow-metal prices will likely continue trading bullish due to the possible escalation in geopolitical tensions in the Middle East. Gold prices sustained above $1545 may keep the rally towards $1555-1564 in international markets.

The gold prices marked its highest yearly gains since 2010 in the wake of unrest in regions from Chile to Hong Kong and buying sprees from key central banks and exchange-traded funds.

Support	Pivot Point	Resistance
1521.26	1526.35	1534.18
1513.43		1539.27
1500.51		1552.19

Looking forward, Friday's release of the US ISM Manufacturing PMI will now be looked upon for some short-term trading directions. However, the key focus will remain on the latest FOMC monetary policy meeting minutes.

Gold - XAU/USD - Trade Setup

Sell Limit 1,552

Take Profit 1,539

Stop Loss 1,558

Try Secure Leveraged Trading with EagleFX!

Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.