Gold Summary for End Week 4 - 2019

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold finally showing direction, but will it last...

So last week I suggested gold was treading water looking for direction. Well a mighty push up of $22 on Friday seems to have confirmed it has found a positive direction, but will it continue?

On a technical basis there are issues as can be seen from the notes on the chart above. On a fundamental basis there are also other issues, strangely the fact that not only did gold finish the week higher, but also oil and stocks. The US$ did close a little weaker, but it still leaves an unanswered query.

That said, further concerns over Brexit in the UK, the on/off situation with the shut-down in the US and slowing global growth may offer support. Nevertheless, the flat bottomed kumo looks to have a lot of pull.



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