mikhem

Gold Under Pressure From Rising USD Again

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
So just when you think everything is golden, maybe it's not!

From a recent high of 1326, we're now at key support levels if this latest Gold run is going to continue. 1303 is first up but if that's breached then it's 1295. If we go through here, which is imo a significant support level , then 1281 may not be far behind.

That said as always, much depends on fundamentals and of course the US$, which is stubbornly refusing to fall. Even if we do have a major collapse in the Gold price, I'm still long until the Kumo (green cloud) is breached, and/or the (orange) Chikou Span line drops beneath the price candles.

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