Gold prices were on fire earlier in the year and then took a step back after the Presidential election. But for the past two weeks gold markets have been in a consistent range-bound backdrop.
USD weakness showed in the immediate aftermath of the NFP print, with the 105.44 level coming in to help hold support. EUR/USD is now testing resistance while USD/JPY trades below the 150.00 level.
While the headlines out of Europe have been largely negative, price action in the Euro hasn’t quite matched that pace. EUR/USD continues to push-higher while holding 1.0500 and EUR/JPY has pulled back from the early-week sell-off.
Gold just finished its worst month in more than a year, and Bitcoin was a big beneficiary as anti-fiat flows drove into crypto-currencies following the Presidential election win of Donald Trump.
Last week was the strongest weekly outing for gold since the regional banking crisis in 2023; but gold’s nine-month streak of gains is at risk as the metal finally pulled back in November.
