XAUUSD - WEEKLY LOOK
Gold had a big drop last week, starting Monday and continuing until market close of Friday due to minimisation of long positions from big players in fear of trade talks and more bearish outlook.
Signals more of a bearish outlook to start the week, selling pressure could continue to see us drop to 1450$ per ounce or further, as well we could see a pullback first to now resistance at 1480$ before a further drop down to test.
This week looks like news dependent so keep an eye on fundamentals, I have drawn the technicals for you.
-Inflation figures Wednesday looks to be an important one due to fed saying they won't change rates until they see significant change with these numbers...
-PPI data Thursday.
-Manufacturing Index and Industrial Production report on Friday.
-Trump tweets and China/US trade talks ongoing.
Signals more of a bearish outlook to start the week, selling pressure could continue to see us drop to 1450$ per ounce or further, as well we could see a pullback first to now resistance at 1480$ before a further drop down to test.
This week looks like news dependent so keep an eye on fundamentals, I have drawn the technicals for you.
-Inflation figures Wednesday looks to be an important one due to fed saying they won't change rates until they see significant change with these numbers...
-PPI data Thursday.
-Manufacturing Index and Industrial Production report on Friday.
-Trump tweets and China/US trade talks ongoing.
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