$XAU
A week later, gold has finally fallen back near the early-month low of 4,100 yet again.
As I said before, the logic is clear: gold’s biggest enemy right now isn’t whether the war escalates, but U.S. Treasury yields above 5% and a strong-dollar policy! In the eyes of the U.S., gold is very important, but at the moment it can’t be more important than the dollar. So gold remains under pressure and is struggling to rally!
If it holds around 4,100 in the short term, gold still has a chance to continue forming a base. Only a move back above the 4,230–4,250 range would turn the outlook bullish again.
If 4,100 breaks on heavy volume, the next test will come immediately at the 4,000–4,050 range and the psychological 4,000 level!
#XAU
A week later, gold has finally fallen back near the early-month low of 4,100 yet again.
As I said before, the logic is clear: gold’s biggest enemy right now isn’t whether the war escalates, but U.S. Treasury yields above 5% and a strong-dollar policy! In the eyes of the U.S., gold is very important, but at the moment it can’t be more important than the dollar. So gold remains under pressure and is struggling to rally!
If it holds around 4,100 in the short term, gold still has a chance to continue forming a base. Only a move back above the 4,230–4,250 range would turn the outlook bullish again.
If 4,100 breaks on heavy volume, the next test will come immediately at the 4,000–4,050 range and the psychological 4,000 level!
#XAU
