Gold Price Talking Points
- After a bullish move from a key zone of support, Gold prices[1] turned around at resistance following the Wednesday outlay of ECB and FOMC[2] meeting minutes, and Gold price action[3] is now fast approaching the support zone that’s held the lows through 2019, at least so far.
- As Gold price[4] action digests, going along with a number of other macro markets doing the same[5], the big question is what the next directional move might be, and this appears to be inextricably linked to the US Dollar[6]. If the USD[7] can breakout of its ascending triangle formation that’s been brewing since Q4 of last year, bearish strategies in Gold can soon become attractive. But – if USD continues to congest with bulls pulling away from that yearly high, the topside of Gold can remain as attractive, looking for a continuation of the late 2018, early 2019 bullish theme.
- DailyFX Forecasts are published on a variety of currencies such as the US Dollar[8] or the Euro[9] and are available from the DailyFX Trading Guides page[10]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[11]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[12].
Do you want to see how retail traders are currently trading Gold prices? Check out our IG Client Sentiment Indicator[13].
Gold Price Digestion Continues into Second Month
In the second week
