XAU Trading Outlook
Oil & Gold (XAU) Tested $1600 before gaining to $1620 as the precious metal continued to rally for a 4th day. OIL/USD fell sharply after Iran threats failed to support the market with little new action to back up the words. Support was founds at $101.50 a barrel.
Oil & Gold (XAU) support below $1600oz was solid overnight and we closed at new week highs above $1610. OIL/USD remained supported on dips and closed above the $103 for a second day.
Oil & Gold (XAU) continued to move higher breaking and closing above $1600 an ounce. OIL/USD was relentless as the weak USD and increasing Iranian threats supported a sharp move to $103 a barrel.
Oil & Gold (XAU) Gold is rallying aggressively as the market bargain hunts from $1520 lows last week. OIL/USD Spiked above $100 a barrel on Tuesday morning with the reopen of the commodities exchange after Iran’s missile test over the weekend.
Oil prices fell to 98.58 yesterday dollars a barrel from 100.09. Gold rose to 1581.17 dollars an ounce from 1548.55. Silver edged higher to 28.45 dollars an ounce from 27.26.
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