Gold prices rose slightly in the Morning, with the yellow metal seeing some safe haven demand after U.S. President Joe Biden dropped his bid reelection and endorsed Vice President Kamala Harris to run in his stead. Gold still remained in sight of record highs hit last week, where spot prices raced to $2,475.02 an ounce. This came amid increasing bets that the Federal Reserve will begin cutting interest rates from September. Uncertainty over the U.S. political outlook also fueled some safe haven demand for bullion. This came to a head over the weekend after Biden’s announcement. While Harris was endorsed by the President and most top-level Democrats, she still needs to be officially nominated as presidential candidate by the party, at a convention in August.
Spot gold rose 0.2% to $2,405.02 an ounce, while gold futures expiring in August fell 0.3% to $2,406.50 an ounce
CURRENTLY GOLD IS MOVING ON DOWN TREND.
Expecting correction up to 2414.26
Today’s important levels for trading are 2432.62, 2413.18, 2381 and 2361.56
Trading Strategy for today: Sell On Rise
Trade setup:
Pullback Sell around 2413.50, Higher Sell around 2420.50
Safe swing sell below 2399.50
Safe swing buy above 2433.50