Gold – A Thing Of Beauty

Today alone, the price of Gold is up nearly 1.5% as the United States killed Iranian military leader Qassem Soleimani. Fears quickly escalated that this may turn into a larger Iranian/US conflict and a flight to safety ensued. In addition, many traders are still away after the New Year’s holiday and will return on Monday, so liquidity was thin. Depending on whether there is retaliation from Iran over the weekend,  Gold may gap higher or lower on Monday morning. If Gold breaks above $1567, the path of least resistance could have Gold near the target sooner than later. Support is back at the $1515 level and then the breakout level near $1485.

(Click on image to enlarge)

Source: Tradingview, COMEX, FOREX.com

Regardless of the situation between the US and Iran, Gold has been moving higher for two weeks. Some may attribute it to year-end or an overbought stock market. Whatever the reason, Gold has broken out of a beautiful pennant formation and appears to be heading towards the target!

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