Gold may have cooled from its recent highs but make no mistake—the precious metal is far from out of the spotlight.
A breakout of the monthly range takes gold into uptrend resistance and the first major test for the bulls. Battlelines drawn on the XAU/USD short-term technical charts.
There is little doubt about the gold outlook which remains positive amid raised geopolitical risks in the Middle East, ongoing trade tensions that don’t seem to go away and multiple other factors. The response of Iran is now going to be key.
The price of gold bounces back ahead of the 50-Day SMA ($3274) to initiate a series of higher highs and lows.
Gold is attempting a second weekly advance but remains vulnerable while below technical resistance. Battle lines drawn on the XAU/USD weekly technical chart.
Tomorrow’s CPI release is big as it’s expected to be a change of pace, following three consecutive months of drawdown in YoY headline CPI figures.
Gold outlook dulled by improved sentiment around US-China trade talks, yet the metal was trading higher on the week at the time of writing. Investors will be eying key US data for next directional move in XAU/USD.
Gold was trading higher first thing this morning, despite hopes that the US and China will put their differences aside and work on a trade deal.
Over the past five trading sessions, gold has once again attempted to reach its all-time high zone, located around $3,400 per ounce.
Gold prices failed to extend gains in May for the first time since November. Seasonality and waning momentum point to a potential pullback in June.
The US Dollar remains near multi-year lows but whether USD bears can take over seems driven by macro dynamics in USD/JPY.
Silver just posted its biggest gain since October, tearing through resistance and closing in on multi-decade highs. With momentum on the bulls' side, could this be the moment silver breaks free?
