Based on the fact that equity markets have surged higher amid trade optimism, one would have expected gold to head lower. Well, it did fall in the last couple of days but it was trading near the session highs at the time of writing, up more than 1.1% on the session. The US dollar had weakened after staging a rally the day before, while the situation between India and Pakistan also probably played a role. But one has to wonder whether a rug pull is on the way soon. Keep an eye on potential resistance around 3345-50 area...support comes in at 3320 - if we break this level then a revisit of the overnight lows could be on the cards.
By Fawad Razaqzada, market analyst with FOREX.com
By Fawad Razaqzada, market analyst with FOREX.com
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.
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.