ConanForex

Gold moves sideways with unclear developments

Short
ConanForex Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Dear traders! Gold's consolidation continues to build and gain some positive traction on the first day of the new week and partially reverse Friday's post-NFP decline to the $2,287-$2,286 area, or above lowest in a month. However, gains remain limited due to the strengthening US dollar, which tends to weaken demand for USD-denominated goods.

In the short term, gold will continue to move sideways when the Bollinger bands are narrowing and there are unclear moves. Personally, I am still waiting for a clear breakout move from the chart. It is expected that gold may drop to about 2,250 USD. What is your view? Do you share the same opinion?
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