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The price of Gold dropped on the open of this week breaking through key lows. Could sellers be back in and could we see prices trade lower?
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GOLD Analysis
The price of Gold dropped lower on the open this week as the USD gained strength. This could have been due to the risk sentiment rising in the market. Global recessionary risks could keep the JPY and USD strong this week. The price of Gold was rising after the recent softer CPI numbers caused the USD to weaken as the Fed would likely hike less aggressively. In the past this has been a positive thing for the price of Gold and we have seen Gold rally on this information, now it looks like the opposite is happening.
Looking at the charts we can see from the higher time frame scale that the monthly chart shows a range. The price is trading within the range at the lows where we could see buyers step in. However, if the monthly was to move higher we would expect the weekly chart to show a higher low which we do not see yet. This shows us that selling pressure is likely to continue in the short term.
On the weekly profile we can see that the price broke through the key value area low, this shows selling momentum. If the price was to return to this level we could see the price find resistance here. On the daily profiles the price is trading towards the lows. When this happens we can often see a breakout to the downside. On this chart a break below $1771.00 will see sellers in control and price will likely head lower.
Did you see our EURJPY? You can see it here.
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