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Gold – Bulls putting up another fight

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Gold threatening more lows

Gold is trading back near its recent lows and looking vulnerable on Friday.

Recent gains in the dollar have further weighed on the yellow metal, with this week’s assessment from the Federal Reserve not quite dovish enough to satisfy the gold bulls that are still hanging on.

US Dollar Index

Source – Thomson Reuters Eikon

It is worth noting that momentum may be fading in the decline, something that was evident when it hit the lows last week as well, which makes the area around $1,260 all the more interesting.

Gold Daily Chart

OANDA fxTrade Advanced Charting Platform

A break below here may bring some of that momentum flowing back, although continued declining momentum into it may strongly indicate that there’s not yet the appetite there to see gold breach these levels. Of course, if the dollar is going to continue to outperform on the upside, the gold bulls may be fighting against the tide.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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