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After an incredible surge through last summer that saw Gold prices move to an all-time-high, prices began to pullback in early-August and that’s pretty much continued since.
So quite a bit has changed since Gold prices have hit that all-time-high, and this has led many to believe that those flows that traditionally would’ve driven Gold prices higher have now been directed towards cryptocurrencies or other similar markets.
But taking a step back on Gold and there’s still a bullish argument, particularly from the longer-term vantage point.
At this stage, 38.2% of that prior trend was taken out and buyers have so far spent the first month of Q2 trying to get back into the driver’s seat.
I had looked into this in early-April as Gold prices had built a possible double bottom formation, which is often followed with the aim of bullish reversals.
So technically Gold prices have already set a fresh two-month-high this morning, albeit barely touching above the high price from a couple of weeks ago.
On Friday the US Dollar put in an extremely strong move, erasing the Fed-fueled losses from Wednesday and finishing the week positive.
So this is a possible positive for Gold bulls, and this keeps the look on the topside of Gold prices for now, looking for a test/breach of the 1800 psychological level.
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