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Gold Technical Analysis

On the daily chart below, we can see that gold sold off from the 2076 record high as stronger than expected US economic data made the market to reprice interest rates expectations on the hawkish side. Gold is inversely correlated with real yields and this hawkish repricing in the rates path saw real yields rising, ultimately weighing on gold.The price has now pulled back to our expected strong support zone where we find the upward trendline, the 1934 swing low level and the 50% Fibonacci retrace... Read More

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Content Topics

Gold

Technical

Analysis

Forex

Posted: May 29 2023, 12:14

Author Name: forexlive

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