Gold
prices were rolling in the shallows of a familiar area due to
the lack of enough significant catalyst
that could stir the markets and set a clear direction. The Brexit wave surged
volatily in markets, but during the past four sessions the safe heaven was seen
in consolidative tone, as yet investors are trapped by the uncertainty.
Yesterday gold was trading around $1,1315, but today’s session echoed with firm
gains and the bulls are mastering the short-term run. The key resistance at
$1.336 (26th Jun 2016 high) was broken and continuation of the upside movement
is expected towards $1,358 and $1,372. Major support is
located at $1.1317 (20-day SMA).
Chart XAU/USD H4
No comments:
Post a Comment