TechnoMeter

Coming into the year, Gold prices were dropping like a rock. This was on the back of the surge being seen in the U.S. Dollar as the ‘Trump Trade’ got further priced-through capital markets. But as that Dollar strength viciously turned into aggressive weakness in the first quarter of the year, Gold prices began to lift-higher. This lasted all the way into June, where a double top around the $1,296 level finally initiated some element of resistance. This is a level that remains resistant, as we saw just last week when price action tried to break through on Monday, Tuesday and Wednesday; only to fail as sellers pushed back down towards the confluent support zone that we’ve been following.



Once either of these sides give way, traders can begin plotting longer-term directional approaches in Gold. Until then, be cautious around getting caught in between the cracks of support and resistance on near-term Gold charts.

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