With geopolitical concerns on the rise, investors turned to more tangible “safe haven” assets such as gold.
During intraday trading on Tuesday, April 11, Gold Futures (GC) traded at levels not seen since its dramatic fall days after the U.S. Presidential Election, breaching is 200-day moving average. A close for the precious metal above its current 200-day moving average of 1265.5 could signify the confirmation of a bullish trend.
If tensions in the Middle East and the Korean Peninsula continue to escalate, traders monitoring the precious metals markets, including Silver (SI) and Palladium (PA) could potentially find some upside potential while the U.S. Dollar softens amid fear & uncertainty.
The above chart, created for free using the award-winning NinjaTrader software coupled with the free end of day Kinetick data feed, showcases gold futures since November 2016. Plotted on the chart is the 200-day Simple Moving Average, which are commonly used to identify and confirm long term market trends.
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