Gold Bulls Eye $1500
Fiona Cincotta August 7, 2019 11:20 AM
Gold soars as traders seek out safe havens
Gold is on the rise again benefiting from its safe haven status as traders fret over the health of the global economy, amid spiraling trade tensions.
A trio of banks cutting in addition to warning signs flashing from the German economy has left investors jittery and in search of safe havens once again.
Gold continues to rally for a third straight session, jumping to fresh multi-year highs of $1491 in early trade. Bulls are focusing their attention on the psychological level of $1500. However, we could see the rally pause for breath now as traders look to book profits amid extremely overbought conditions. Attention will turn to Chicago Fed President Evans this afternoon for short term trading opportunities.
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