Gold Goes Down

Gold was trading to the upside last week when the precious metal made a 1-month high going above the 200SMA to a high of $1,309. The gains, however, were short lived and ended right after the US dollar decided it's time to continue its rally.

Currently, most market experts are bullish on the US economy despite raising rates. Financial magnates like Julian Robertson and Paul Tudor Jones are expecting the rally in the stock market to continue at least until the end of the year. Paul Tudor Jones even called for a "crazy" stock market toward the end of 2018 along with rising bond yields.

Given how colorful and optimistic the second half of the year looks, traders and investors seem to be drifting away from any safe havens, namely Gold and Silver.

One thing is certain, as volatility is back in the markets we are to see a wild half of the remaining year.

Chart: XAU/USD D1