Gold prices settled higher on Tuesday to hit 11 months high after North Korea fired a missile that reached over Northern Japan. Although the dollar
Gold prices settled higher on Tuesday to hit 11 months high after North Korea fired a missile that reached over Northern Japan. Although the dollar balanced some of its losses, geopolitical concerns have set the momentum.
The Consumer Confidence Index rose in August to 122.9, despite expectations of a decline.
Technical View
Gold prices hit the resistance line at 1330 which is a profit booking area. Prices retraced towards $1310. The next upside rally would be towards $1362.
Gold 4H Chart
Gold 4H chart has formed the “Ascending broadening wedge“ and continue to rally further on the same direction according to the pattern. An additional support holds at $1300.
