Macro:
Economic momentum seems to have peaked globally = USD Positive.
Gold has failed to appreciate above 4 years resistance line @ 1’350 on good news (higher inflation expectations, Geopolitical risks (Syria, Russia, North Korea), trade war)
Sentiment:
Market is position long Gold, and current market consensus is bullish gold on above good news (that failed to materialize)
Technicals:
XAUUSD stuck below 4 years resistance @ 1'350 building a rectangle chart pattern. If we break the resistance, target @ 1'250
Economic momentum seems to have peaked globally = USD Positive.
Gold has failed to appreciate above 4 years resistance line @ 1’350 on good news (higher inflation expectations, Geopolitical risks (Syria, Russia, North Korea), trade war)
Sentiment:
Market is position long Gold, and current market consensus is bullish gold on above good news (that failed to materialize)
Technicals:
XAUUSD stuck below 4 years resistance @ 1'350 building a rectangle chart pattern. If we break the resistance, target @ 1'250