Price Group's Flynn: Geopolitical Tensions Boost Gold
Gold isgetting 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 after8 a.m. EDT, Comex December gold was $10.50 higher to $1,232.50 an ounce. TheU.S. has threatened to punish Saudi Arabia if it turns out that journalistJamal Khashoggi was killed in the Saudi consulate in Turkey, and Saudi Arabiaresponded by warning against any threats. “Geopolitical risk factors are goingthrough the roof today,” helping gold, Flynn says. On top of this, he alsocites talks over the U.K.’s exit from the European Union that are stalematedover rules relating to the country’s only land border with the EU - alongIreland.
By Allen Sykoraof Kitco News; asykora@kitco.com
MKS: Gold Looking Positive On TechnicalCharts
Monday October 15, 2018 08:18
Gold still looks constructive on thetechnical 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 andheavy selling in equities on Wednesday and Thursday, before stocks bounced onFriday. “Technically the market is still looking fairly positive, [with] goldstill 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-daymoving average, which MKS says was around $1,228.20. Chart support sits around$1214-16.
By Allen SykoraFor Kitco News
Follow @AllenSykora
asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.