Gold Finds Some Bids In The Latest U.S. Dollar Outflows (Technical Analysis)

Dean Popplewell
3.64K Followers

Summary

  • Last week's bearish formation got met with a renewed breakout, taking gold up 2% from its 3,284 lows.
  • It seems that the action is leading to some building up in Gold technicals, with Momentum starting to take another shift higher.
  • One of the main elements to spot is the resilience of the 3,300 Main Pivot that serves as a real magnet to retracements, with most attempts of breakout retracting to this zone.

Gold Bars & Sitting on Financial Chart Background

spawns

By Elior Manier

Gold had been struggling in the past few weeks, particularly since Israel-Iran war-induced Risk-off moves failed to bring the precious metal to new all-time highs.

However, the Bullion hasn't retracted majorly from its elevated levels

This article was written by

3.64K Followers
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.

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