Gold technically and fundamentally weak
5/25: Gold's fundamentals and technicals look weak.
Fundamentals:
Rate rise fears, renewed USD strength, $ES_F strength paints optimistic US econ picture and positioning data is awfully one-sided.
Technicals:
Broke down below two key support levels, Ichimoku cloud, ascending bullish trendline support and it looks ripe for a test of the 100 day at 1214.
Expect further weakness.
Fundamentals:
Rate rise fears, renewed USD strength, $ES_F strength paints optimistic US econ picture and positioning data is awfully one-sided.
Technicals:
Broke down below two key support levels, Ichimoku cloud, ascending bullish trendline support and it looks ripe for a test of the 100 day at 1214.
Expect further weakness.