Gold was sold to a low of $1,199 which marks a four-month low for the commodity. However, bulls were quick to take control over the price and managed to push it to a high of $1,210.
Currently, Gold is trading at $1,207.
Chart: XAU/USD H4
Monday, May 30, 2016
Gold At $1,199
Gold reached a 4-month low in the early trading hours today after the speech of FED Chair Janet Yellen to raise rates gradually. The US dollar was favored by market participants leaving behind safe haven like the precious metal.
Gold was sold to a low of $1,199 which marks a four-month low for the commodity. However, bulls were quick to take control over the price and managed to push it to a high of $1,210.
Currently, Gold is trading at $1,207.
Chart: XAU/USD H4
Gold was sold to a low of $1,199 which marks a four-month low for the commodity. However, bulls were quick to take control over the price and managed to push it to a high of $1,210.
Currently, Gold is trading at $1,207.
Chart: XAU/USD H4
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I wonder whether Gold would break below $1,200.
ReplyDeleteVery interesting analysis.
ReplyDeleteThe retreat didn't last long, gold is again hovering slightly above 1,200 handle.
ReplyDeleteCorrection movement?
ReplyDeleteOr reversal?
ReplyDeleteThis seems to be a good support level.
ReplyDeleteThat's good to know, thanks.
ReplyDeletegood analysis
ReplyDelete