Price Group's Flynn: Geopolitical Tensions Boost Gold
Gold is getting a lift from geopolitical tensions at the start of a new trading week, says Phil Flynn, senior market analyst with at Price Futures Group. Just after 8 a.m. EDT, Comex December gold was $10.50 higher to $1,232.50 an ounce. The U.S. has threatened to punish Saudi Arabia if it turns out that journalist Jamal Khashoggi was killed in the Saudi consulate in Turkey, and Saudi Arabia responded by warning against any threats. “Geopolitical risk factors are going through the roof today,” helping gold, Flynn says. On top of this, he also cites talks over the U.K.’s exit from the European Union that are stalemated over rules relating to the country’s only land border with the EU – along Ireland.
By Allen Sykora of Kitco News; email@example.com
MKS: Gold Looking Positive On Technical Charts
Monday October 15, 2018 08:18
Gold still looks constructive on the technical charts at the start of a new trading week, says MKS (Switzerland) S.A. Spot metal was up $11.50 to $1,229 an ounce shortly before 8 a.m. EDT. Gold rallied last week in response to a softer tone in the U.S. dollar and heavy selling in equities on Wednesday and Thursday, before stocks bounced on Friday. “Technically the market is still looking fairly positive, [with] gold still trading above a sequence of highs dating back two months ($1,210-1,216),” MKS says. Going into the week, the next key upside target was the 100-day moving average, which MKS says was around $1,228.20. Chart support sits around $1214-16.