Article by: ETO Markets

Houthi rebels fired a missile, targeting a US-owned ship Monday near off the coast of Yemen in the Gulf of Aden, less than a day after they launched an anti-ship cruise missile against an American destroyer in the Red Sea. This could therefore improve the performance of yellow metal because investors often flock to it during uncertain and tense geopolitical periods because it is regarded as a safe-haven asset.

The yellow metal appears to be neutrally-upwardly oriented on the daily chart, although it has stayed sideways in the near run. In order to test the $…mark, purchasers will need to break beyond the high point of $… set on December 28. If the latter is broken, the all-time high at $… will be revealed. Conversely, testing the $… mark may be possible if sellers force gold's current price below the 50-DMA around $...