Gold Loses Ground Along With Indexes

All major indexes in the US, European Union and Asia had a tough week last week as we saw massive selling all over the globe. Gold was not exempt from the depreciation in the macro field as it lost some bits of its shine.

The precious metal went from a high of $1,366 in the end of January to a low of $1,307 on Feb 8. Currently, Gold is trading at $1,321 with low volumes and low volatility. The price appears to have stabilized in the range of $1,325 to $1,310. 

We need to see a break above that range in order to rule out a prospect direction. Almost no news are scheduled for the week except the US Retail Sales on Wednesday and the US PPI on Thursday. Light on events, the weeks appears to be more technical than fundamental.

Technically, Gold could try and ready previous highs around $1,360. Below $1,305 we could expect $1,250 as major bear target.

Chart: XAU/USD H4