The gold price rally has taken a breather after testing five-month highs. Here are the targets & invalidation levels that matter on the XAU/USD charts this week.
Gold prices ended a choppy, two-sided trading session slightly lower on Tuesday as a recovery in global stock markets dented the appeal of safe haven assets.
Gold prices fell $5.41 an ounce on Monday as a rebound in the dollar prompted some investors to lock in gains from a recent rally to a five-month high.
Gold gained amidst a weaker US Dollar, lower government bond yields on market-wide pessimism. Next week contain numerous uncertainties for gold: Brexit draft vote, US CPI and ECB.
Gold prices may turn lower, validating bearish technical cues as November’s US jobs report boosts Fed rate hike bets and sends the Dollar higher.
