Can Gold complete the breakout with a new leg high?
Hi, and welcome to Tuesday's update. Today's focus is on Gold as price continues to trade with inside bars after last Friday's 3% jump. US employment data fueled the rally, and this data sent the USD packing.
We're looking for Friday's breakout to complete, but we need to see buyers come back into the market with another firm move higher to show us that Friday's price action is set to continue.
Last Friday's close has so far done what required breaking to levels of resistance after re-holding 1626 support. We don't want to see a new close back below 1650, as this could be a sign that buyer momentum was only short-term. We would like to see a new break above 1681.50 or a new higher low above 1665 to continue the idea buyers remain in control.
We still feel the USD will play a key role in whether this move continues or not. Keep an eye on this week's US CPI data, which will be released Friday morning at 12:30 am AEDT.
Have a great Tuesday and good trading.
We're looking for Friday's breakout to complete, but we need to see buyers come back into the market with another firm move higher to show us that Friday's price action is set to continue.
Last Friday's close has so far done what required breaking to levels of resistance after re-holding 1626 support. We don't want to see a new close back below 1650, as this could be a sign that buyer momentum was only short-term. We would like to see a new break above 1681.50 or a new higher low above 1665 to continue the idea buyers remain in control.
We still feel the USD will play a key role in whether this move continues or not. Keep an eye on this week's US CPI data, which will be released Friday morning at 12:30 am AEDT.
Have a great Tuesday and good trading.