Gold Fundamental And Technical Overview
USD surged to its strongest in more than a year, making Gold more expensive for buyers with other currencies.
Investors rushed to the safety of the greenback as the Turkish lira collapsed as much as 14 per cent on Friday to a record low, Russia’s rouble crumbled to a two-year bottom and the euro and pound touched their weakest in a year.
Gold as a safe haven asset is finding some interest but it is still under bearish pressure.
There is a battle going on (in the gold market) between the strengthening dollar and some safe-haven demand emerging from the contagion risk following the collapse of the lira.
Today we will have US Inflation figures. Shortterm direction will be determined by the US Data.
Gold is trading at 1213 below EMA 50 of the H4 Chart. A negative data may carry the price to 1218. Breakout of 1218 resistance will take the price 1224 and 1234.
A better than expected US data will lead the prices 1204 support. If safe haven demand scenario does not work, it is likely to test 1198 and 1180 USD.
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