Fundermental Overview-
Gold price is reversing from monthly highs just ahead of the $1800 mark, as the US dollar rebounds in tandem with Treasury yields amid the upbeat market mood. Robust US corporate earnings douse fears over growing inflation risks, boosting the investors’ sentiment at the expense of the safe-haven gold. Meanwhile, failure to find a hold above the $1800 mark pushes gold price lower, as traders await the US consumer-centric data for a decisive move in the bright metal.
Technical Analysis-
Gold has just crossed below the 50EMA, signifiying the start of a Downtrend. Price is currently below the 50 EMA and close to the Daily Support Zone (1745.640 - 1751.560) which has been tested multiple times in the past, anticipating a great area to buy with price action patterns. I'll be waiting for price to reach thid level and then look for counter-trend opportunities on the 1HR chart this week.
Gold price is reversing from monthly highs just ahead of the $1800 mark, as the US dollar rebounds in tandem with Treasury yields amid the upbeat market mood. Robust US corporate earnings douse fears over growing inflation risks, boosting the investors’ sentiment at the expense of the safe-haven gold. Meanwhile, failure to find a hold above the $1800 mark pushes gold price lower, as traders await the US consumer-centric data for a decisive move in the bright metal.
Technical Analysis-
Gold has just crossed below the 50EMA, signifiying the start of a Downtrend. Price is currently below the 50 EMA and close to the Daily Support Zone (1745.640 - 1751.560) which has been tested multiple times in the past, anticipating a great area to buy with price action patterns. I'll be waiting for price to reach thid level and then look for counter-trend opportunities on the 1HR chart this week.