Good morning Forex Kings,
We missed an explosive move on GOLD this morning as it jumped $30 per oz! With the EU and US session yet to come onboard later today we could see further upside on the precious metal.
News this morning suggests both Iran and the US are prepared to retaliate in different measures.
Iran has now pulled out of the nuclear deal and Iraq has placed a ban on all US troops.
Trump has identified 52 different Iranian sites that could be targeted by the US military if Iran retaliates.
GOLD is providing opportunity to buy as traders/investors digests the news.
GOLD Weekly Charts
Next resistance level can be found at 1614, with the new support zone between 1553 and 1535.
GOLD Daily Charts
Trade Set Up 1: BUY Market Price – stop loss set at 1525 and take profit 1614
Trade Set Up 2: BUY LIMIT – Entry Price 1556, stop loss set at 1525 and take profit 1614
Strategy here is to enter with a slightly smaller position to get into the market, however the optimal entry price will a retest of the new support level at 1560.