Gold regained above $1900/Oz during yesterday’s trading, reaching as high as $1910 but it failed to sustain these gains during the Asian session today, leading to another leg lower back below $1900/Oz.
Daily Market Analysis
USD/CAD declined once again to the same support area between 1.2040 and 1.2020 which remains solid for over three weeks now.
As warned over the past few days, gold is not in a position to keep on rising. Yesterday gold managed to rise all the way to $1,916.
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
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In line with our expectations mentioned in yesterday’s note. Gold failed to sustain its gains above $1900/Oz and declined back all the way to $1888 during the Asian session today,
The US Dollar Index tested the higher line of its downtrend channel on the daily chart but failed to breakout, following the disappointment of the 2nd reading of Q1 GDP.
The US Dollar has been losing value against the Swiss franc for more than a month now. Let's examine where it might be going.
Gold managed to break above $1900/Oz during yesterday’s trading reaching as high as $1913/Oz. However, it failed to sustain these gains...