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Gold has been linked to the fortunes of the USD and been relentlessly sold as the USD moved up to disappoint both gold bugs and inflation hedgers. Following on from a previous post (Trading View ‘Gold Looks Weak and Set for a major move lower‘), Spot Gold is now down on Daily support and the USD may have found a high if the US Fed Reserve get serious about inflation and become more aggressive on interest rate rises.
Below is the daily chart of the recent price action. Watching Gold now to find some buyers and potentially squeeze out some of those pesky shorts. Preferred price action is for a flush of support and then a higher low.
Happy trading!!
Braden
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Spot Gold Daily Chart
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