Gold is coming to a point of agreement so we now expect the action to start to heat up

Commodity Analysis Spot Gold XAUUSD

Time Frame : One Hour Chart

Spot Gold XAUUSD

Gold has been consolidating the highs between 1440 and 1383 as traders decide their next move. What Gold does next will be dependent on the USD as the turn down was the catalyst for the recent precious metal run higher as trader searched for yield. Further weakness into the USD was thrown a curve ball as recent economic data came out stronger than expected therefore cooling the expectations for ‘aggressive’ rate cuts in the US. The bulls have not given up yet as the USD may easily fall further as earnings season kicks off in the US. We are now watching for a break out to decide our next step into Gold…whether it be looking for setups into gold producers or a straight trade into the commodity.

Commodity : Spot Gold

Current Price : 1414

Status : On watch for a potential break higher if USD continues under pressure