Commodity Analysis Spot Gold XAUUSD
Time Frame : One Hour Chart
Spot Gold XAUUSD
Gold has come under selling pressure the last few days as longer term buyers lock in some gains as risk goes back into equities. We see the potential for a bounce (local gold stocks seem to feel the same with some key goldies holding up well) and will be happy to buy off a higher low once the trend down is broken. The key level is around 1500 (on the CFD…pic below) so if this breaks, we expect to see a short squeeze and push higher. There is the potential that the ECB does not meet the stimulus expectations that is baked into the market and buyers then run for the door…we will see.
Commodity : Spot Gold
Current Price : 1490
Status : On watch for a potential break higher off support