Gold finds temporary support

Open demo account
FOREX trading implies serious risk and can result in the loss of your invested capital

Financial and commodity markets analytics

The gold price is under further pressure today and is now sitting at a six week low as the US dollar begins to strengthen with is bad news for the precious metal as it makes it more expensive for holders of other currencies.

Potential interest rate rises in the US have been the biggest burden on gold but now the focus has turned to Donald trump and whether he can push some of his key reforms through after the recent fail to abolish Obama healthcare,

Gold prices have been “unable to stand the specter of higher U.S. interest rates and a stronger dollar,” noted Ed Meir, an analyst at INTL FCStone Inc. in New York.

“The political focus in Washington has now shifted from the ill-fated health-care legislation to more growth-friendly issues like tax cuts and reforms.” he added.

Although gold is down, it seems to have found a good base of support at the $1,284 mark over the last couple of days which as we can see on the chart was a previous support level.

If Trump runs into trouble again trying to push through his political agenda this may be the catalyst for gold to use this current support level to reverse

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Fibo Markets

FIBO Markets Ltd. (ex. FIBO Group Holdings Ltd.) is authorized and regulated by the CySEC (licence no. 118/10) and operates in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union.

Unfortunately, our services are not available to individuals residing in Canada, the United States of America, North Korea, Iran, Iraq, Israel, Australia, Belgium, or Japan.

29 Agias Zonis, 1st Floor, 3027, Limassol, Cyprus

© 1998—2023 FIBO Markets Ltd. (ex. FIBO Group Holdings Ltd.)

IMPORTANT: Please be informed, that our services are available for Professional Clients only. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Please note that our services are provided only to the residents of the following counties (in alphabetical order): Austria, Bulgaria, British Virgin Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Kazakhstan, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Oman, People's Republic of China, Poland, Portugal, Romania, Russia, Slovakia,Slovenia, Spain, Sweden, Ukraine, United Arab Emirates.

Please feel free to contact out Support in order to get further assistance.