The intraday rally did not last long for gold, and it got under severe selling pressure during the EU and US sessions.

At the time of writing, gold was slightly lower on the day, trading at around 1,730 USD, having erased 30 USD of gains in a few hours. 

The support now stands at around 1,730 USD and afterward at Friday’s lows near 1,717 USD. If bears push the price below 1,717 USD, we could see a sharp decline toward the psychological level of 1,700 USD.

We have been warning about the bear market in gold for some weeks now, and it looks like the long-term bull market is about to end as yields continue to rise and the USD is getting stronger.

Alternatively, the first selling zone is expected at today’s highs near 1,360 USD, and if this resistance is broken to the upside, gold could continue toward the 1,770 USD area.

Share.

About Author

Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

Comments are closed.