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OANDA:XAUUSD   Gold Spot / U.S. Dollar
Our view: Our bias towards the precious metals complex remains to be bearish as we are not witnessing any near term catalyst which will support the prices in a significant manner. On a technical front we have already informed you that our strong bearish bias will be intact within the precious metal sector until unless The yellow metal breaks above $1525 however it seems it won’t manifest any time soon, we understand the role of technical analysis however we are also aware it’s a small part of the bigger puzzle when you are dealing within the sector. we believe that macro research is crucial if one’s trying to forecast the gold and silver prices. we believe that gold is unlikely to make any significant moves unless there is a big geopolitical spark. Gold could move sideways around $1500 for few days however we are anticipating a major breakdown once the boring sideways action gets over. even though we have seen surge in gold prices following Fed hawkish rate cut and all-time highs in the U.S stock indices, we believe going forward it’ll be difficult for gold to make a significant surge in prices from the level it’s currently trading at due to less dovish tone of the fed(lesser likelihood of rate cuts), Macro research aspect, Strong U.S. dollar, and U.S. stock indices and positive development on the U.S-China trade war.

Please, note-We are still holding our short position both in gold (entered at $1530) and silver (entered at $19) as we could witness very severe breakdown within the precious metal sector in the upcoming days and months which would ultimately make our positions more profitable.we are warning you from months however if you would still like to enter short, silver is providing a good entry-level at the moment to enter short.

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It seems like when indices begin a flash sell off, gold will do the same in the beginning. I would like to see gold dip into the 1300s before I really take a position.
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