GOLD: Bulls Line Up To Take Charge Yet Again
We have seen Gold gain some strength over the past few weeks with price managing to sustain above 1215.00 with last weeks closure at around the 1225.50 level. This increase in value despite a stronger US Dollar and Hawkish FOMC meeting minutes could mean the precious metal still has potential to shine this week. We may still see another retest of $1215.00, if Gold does find support around this area it is likely to push above the 10-week highs we saw last week.
We do have some important USD news releases to look out for this week which could affect the value of Gold, perhaps the most pertinent being Fridays Gross Domestic Product (GDP) figures to be published by the Bureau of Economic Analysis. Although this is quarter over quarter data there are 3 GDP releases a month apart, this is the Advance or first release meaning it tends to have the most impact on the currency.
To conclude, my bias on Gold is still very much bullish. I do believe that this week we will see price hit the 1245.00-1250.00 region as stated in last weeks article, however, we do need to see a strong breakout past 1230.00 resistance level before the bulls can really push higher.
Written by Sam Moore (Instagram: @Moore_Fx)...