Gold prices hit a record high in the Morning, extending a rally from last week as uncertainty over the U.S. election and anticipation of Israel’s retaliation against Iran fueled safe haven demand. Precious metal prices were buoyed chiefly by increased safe haven demand, especially as reports over the weekend showed Israel was planning a strike against Iran over a missile strike earlier in the month. Hostilities between Israel and Hamas and Hezbollah also continued, pointing to little deescalation in Middle East tensions. Traders were also biased towards safe havens before the U.S. presidential elections in early-November,
Spot gold rose 0.4% to a record high of $2,732.86 an ounce, while gold futures expiring in December rose 0.6% to $2,747.70 an ounce.
CURRENTLY GOLD IS MOVING ON UP TREND.
Expecting correction up to 2723.50
Today’s important levels for trading are 2701.12, 2711.66, 2731.62 and 2742.16
Trading Strategy for today: Buy On Dip
Trade setup:
Pullback Buy around 2723.50 Deeper Buy around 2713.50
Safe swing sell below 2707
Safe swing buy above 2733.50
Important Event :
No Important Data Today