Are we about to see Gold bounce back?
After yesterday's big drop off the back of Trump's pick for Treasury Secretary and news of a potential ceasefire between Israel and Lebanon, the gold price reached a low of 2605 before settling in a range between 2615 and 2630.
The drop is a little surprising given the Trump pick had been known for several days and it appears that he might help temper the President Elect's plans for levelling tariffs. There are also signs that the proposed ceasefire plan may struggle to get through the Israeli parliament whilst the two nations continue to attack each other.
Currently, Gold is finding strong resistance at 2628-33, the 1H did close slightly above in a small sign that we might be about to see further gains. If this happens the the gold price should find a clear ride to the next fib retracement level at 2650 and then 2663. There is some significant economic news due today including the House Price Index, Consumer Confidence and the FOMC minutes. Given there's no clear direction at the moment we could see a shift in sentiment as each piece of news hits the market.
For the moment the price looks to be rebounding off yesterday's lows and the weekly chart show's the price movement remaining well within the established long term uptrend.
The drop is a little surprising given the Trump pick had been known for several days and it appears that he might help temper the President Elect's plans for levelling tariffs. There are also signs that the proposed ceasefire plan may struggle to get through the Israeli parliament whilst the two nations continue to attack each other.
Currently, Gold is finding strong resistance at 2628-33, the 1H did close slightly above in a small sign that we might be about to see further gains. If this happens the the gold price should find a clear ride to the next fib retracement level at 2650 and then 2663. There is some significant economic news due today including the House Price Index, Consumer Confidence and the FOMC minutes. Given there's no clear direction at the moment we could see a shift in sentiment as each piece of news hits the market.
For the moment the price looks to be rebounding off yesterday's lows and the weekly chart show's the price movement remaining well within the established long term uptrend.
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