GOLD (XAUUSD) RUNNING OUT OF STEAM
As we are seeing equities fall we typically see a rush to our safe havens such as Gold and JPY when investors look to shift their funds from risk on to risk off. However as the indices are now falling into key support levels could we again see the shift from risk off back to risk on.
Looking at the market technically we can see that buyers look to be running out of steam as the momentum to the upside slows. This could be the market waiting for some kind of catalyst ie news to push the market in a particular direction.
That being said if we see a break below the current 4hr lows and trendline support at $1228.00 we could look for further downside out from this commodity.
Looking at the market technically we can see that buyers look to be running out of steam as the momentum to the upside slows. This could be the market waiting for some kind of catalyst ie news to push the market in a particular direction.
That being said if we see a break below the current 4hr lows and trendline support at $1228.00 we could look for further downside out from this commodity.