The support at $1,300 was enough to ignite buying momentum by the Gold bugs but now it seems they are running out of breath as the bears are putting selling pressure on the Gold market as we are seeing the dollar making new highs against its peers, namely the Euro, the Sterling and the Swiss Franc, against which the US is now having its 3-month rally.
If the US dollar bulls run out of steam we could see market participants flock to the Gold market in search of safety.
No major news are scheduled this week which could turn the attention towards technical trading with low volumes.
Chart: XAU/USD H4
It's quite bearish for now.
ReplyDeleteVery helpful analysis.
ReplyDeleteLet's see how it will develop this week.
ReplyDeleteA good post with good insights into the situation.
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteVery accurate analysis!
ReplyDeleteThanks for the analysis, it's useful.
ReplyDelete