Gold has
been consolidating during the last few day, as we can see on the daily chart,
but today the precious metal has made a lower low, indicating that it remains
weak and it could continue falling. Due to the fact that the Dollar and gold
have a negative correlation, if the Dollar continues strengthening during this
week, gold may reach the support level at the 1070 zone. To the upside, the
1098 level could act as resistance, but if it breaks that level, it may retrace
to the 1115 zone.
Early weaker Chinese data has weighed on gold prices further down.
ReplyDeleteIt could have found some support.
ReplyDeleteIt might be a good time to buy now.
ReplyDeleteGold is currently testing the previous low at 1077 and I think it will probably manage to break below that level.
ReplyDeleteNear minimums of 5 years.
ReplyDeleteGreat analysis!
ReplyDeleteVery useful analysis, thank you.
ReplyDeleteThanks for your analysis.
ReplyDeleteVery useful analysis.
ReplyDelete