With last weeks price action we have a strong indication that the U.S Dollar is currently the biggest influence on the direction of Gold prices.
The price action further indicates that Gold is no longer a safe haven asset, but rather an investment. A lack of buyers who are choosing to invest in assets that could provide a better ROI makes the potential for a bull rally improbable. Gold has closed under a minor support zone at 1282.00 and will retest this price area, making for a potential short and trend continuation to the 1268.00.
The price action further indicates that Gold is no longer a safe haven asset, but rather an investment. A lack of buyers who are choosing to invest in assets that could provide a better ROI makes the potential for a bull rally improbable. Gold has closed under a minor support zone at 1282.00 and will retest this price area, making for a potential short and trend continuation to the 1268.00.