At the beginning of last week, price saw a much needed pullback on the commodity. Earlier news in the week was the catalyst that gold needed to head down.
Some thought we would head down further but gold seems to have traversed the entirety of its pullback, with price trading not too far away from its ATH.
With the dollar still gaining strength from future rate cut uncertainty, is this just a test of the top before further moves down? Could be. But future rate cut uncertainty might not be enough to keep gold from making new highs.
We do have a pretty news heavy week with NFP looming at the end of the week. Remember to always trade with caution.
Some thought we would head down further but gold seems to have traversed the entirety of its pullback, with price trading not too far away from its ATH.
With the dollar still gaining strength from future rate cut uncertainty, is this just a test of the top before further moves down? Could be. But future rate cut uncertainty might not be enough to keep gold from making new highs.
We do have a pretty news heavy week with NFP looming at the end of the week. Remember to always trade with caution.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.