Gold Higher Amidst Uncertainty

Gold opened the early trading hours of the week with a new and improved momentum. The precious metal reached a high of $1,258 and is now trading slightly below it around $1,257. Main trend on the short-term remains bullish as price has made significant progress going from sub $1,200 to $1,257 in times when market experts expect the domination of the US dollar to continue.

Gold is proving them wrong with every new intraday high. First bull target is seen at $1,265, which marks a double top and bears may try to jump on it for a reversal of trend.

If that level is broken, Gold is looking to levels around $1,290-$1,300 as major target for the mid-term.

This week we expect little involvement of fundamentals into the market. The most important news for the week are stacked on Tuesday - Advance Goods Trade Balance, Consumer Confidence, Fed Chair Janet Yellen Speech.

Chart: XAU/USD H4