Gold bears may be on the sidelines for now but preparing for a new move lower

Gold Analysis

 

Spot Gold and Australian Dollar Gold (XAUAUD)

Gold is showing weakness and has a few levels of resistance that may cap this recent rally. We can see minor levels at 1199 and then 1216 which may bring in some renewed selling pressure to continue the push lower to 1130. Gold in Aussie dollar terms however, is finding buyers around 1615 and may be showing a different story short term. If the bears continue to pressure gold, we expect the current rally in both to come under fire and squeeze out further buyers.

 

Spot Gold

XAUUSD